Economic Reports 12/27/09
Final GDP Q3:09
2.2% vs 2.8%; Price index +0.4%; “recovery” is not as strong as earlier believed.
Revisions were primarily due to lower estimates for inventories.
Also revised lower were government purchases, nonresidential fixed investment, residential fixed investment, and personal consumption.
Final sales were revised down to 1.5% from an annualized 1.9%. Corporate profits -7.7% vs -7.2% as the hole deepens.
Real GDP is actually negative, and to prove it we refer to our scary Halloween post, you heard it here first.
Existing Home Sales November
+7.4% at 6.54M; Yoy +44%; inventory at 6.5 months, the lowest in 3.5 years; median price +0.2%; Yoy -4.3%.
The expiration of the latest round of credits, sees sales slowing this month and into February.
They also warn that mortgage rates, which are at record lows, will likely rise in the months ahead as the Fed unwinds its purchases of mortgage-backed securities.
New Home Sales November
-11% at 355K; inventory 7.9 vs 7.2 months; median price +3.8%; Yoy -1/9%. Contrasts sharply with yesterday's sales data on existing homes that showed a nice lift.
Personal Income & Spending November
Income +0.4%; Yoy -0.3%; Spending +0.5% Yoy +2.3%; Core flat. Durables +1.1%; Non durables +1.5%.
Reflecting stagflation being paraded as growth.
Durable Goods November
+0.2%; Yoy -7.8%; ex transport +2%; under the headline number… Yoy new orders -6.9%; transportation -5.5%; non defense aircraft -32.6%; motor vehicles -0.2%.
Non defense capital goods -1.9%; ex aircraft +2.9%; Yoy new orders durable -7.8%; ex transport -6.9%
Initial Jobless Claims 12/19
-28K at 452K; 4 week MA -2.75K at 465.25K; Continuing claims -127K at 5.076M; 4 week MA -90K at 5.233M. The headline number decreases as more long term claims expire.
Emergency claims +141K at 4.368M vs 1.482M a year ago.
2.2% vs 2.8%; Price index +0.4%; “recovery” is not as strong as earlier believed.
Revisions were primarily due to lower estimates for inventories.
Also revised lower were government purchases, nonresidential fixed investment, residential fixed investment, and personal consumption.
Final sales were revised down to 1.5% from an annualized 1.9%. Corporate profits -7.7% vs -7.2% as the hole deepens.
Real GDP is actually negative, and to prove it we refer to our scary Halloween post, you heard it here first.
Existing Home Sales November
+7.4% at 6.54M; Yoy +44%; inventory at 6.5 months, the lowest in 3.5 years; median price +0.2%; Yoy -4.3%.
The expiration of the latest round of credits, sees sales slowing this month and into February.
They also warn that mortgage rates, which are at record lows, will likely rise in the months ahead as the Fed unwinds its purchases of mortgage-backed securities.
New Home Sales November
-11% at 355K; inventory 7.9 vs 7.2 months; median price +3.8%; Yoy -1/9%. Contrasts sharply with yesterday's sales data on existing homes that showed a nice lift.
Personal Income & Spending November
Income +0.4%; Yoy -0.3%; Spending +0.5% Yoy +2.3%; Core flat. Durables +1.1%; Non durables +1.5%.
Reflecting stagflation being paraded as growth.
Durable Goods November
+0.2%; Yoy -7.8%; ex transport +2%; under the headline number… Yoy new orders -6.9%; transportation -5.5%; non defense aircraft -32.6%; motor vehicles -0.2%.
Non defense capital goods -1.9%; ex aircraft +2.9%; Yoy new orders durable -7.8%; ex transport -6.9%
Initial Jobless Claims 12/19
-28K at 452K; 4 week MA -2.75K at 465.25K; Continuing claims -127K at 5.076M; 4 week MA -90K at 5.233M. The headline number decreases as more long term claims expire.
Emergency claims +141K at 4.368M vs 1.482M a year ago.
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