Economic Reports Week of 10/30/09

S&P Case Schiller Home Price Index Aug

Good news: 10 city +1.3% at 157.93; 20 city +1.2% at 146.

Bad news: 10 city Yoy -10.6%; 20 city Yoy -11.3%; Las Vegas Yoy -29.9%; San Francisco -12.5%

New Home Sales September

-3.6% at 402K; Yoy -7.8%; YTD -26.6% with a steep downward revision of -25K sales to prior months. Good news? Median price +2.5% at 204K.

Chicago PMI Oct

54.2 vs 46.1; good news: 17 point surge in production and a more than 15 point surge in new orders.

Bad news: employment is one reading that didn't surge, slipping 5 tenths to a 38.3 level that indicates a slightly increasing rate in layoffs.

Business’s drew down their inventories in the month with the index down nearly 7 points to 32.2.

Durable Goods Orders September

+1%; Yoy -19.6%; ex auto +0.9%; Yoy -16.9%; Weakness was seen in electrical equipment, down 0.9%; computers & electronics, down 0.2%; and "all other durables," down 1.4%.

Businesses may be investing in equipment more in coming months as orders for nondefense capital goods rebounded 2.5%.

Personal Income & Spending September

Income Flat; Yoy -2.8%; Spending -0.5%; Yoy -0.3%; Core PCE price index +0.1%; Yoy +1.3%

More post cash for clunkers effects as the consumer sector softened in both income and spending.

With cash-for-clunkers having expired in August, consumer spending fell significantly on a plunge in motor vehicle sales.

The decline was led by durables, which fell a monthly 7%. Nondurables increased 0.7% while services advanced a moderate 0.2%.

Initial Jobless Claims 10/29

-1K at 530K; 4 week MA -6K at 526.25K; Continuing claims -148K at 5.797M; 4 week MA -78.75K at 5.96M

The number keeps falling, but not due to new hires, due to termination of benefits.

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