a light holiday schedule of economic releases

with the usual month end reports all released last week, the only widely watched report released this week was the Case-Shiller Home Price Index for October from S&P Case-Shiller, which doesn’t even include homes prices, but just a index generated by averaging relative home sales prices from repeat home sales that closed in August, September and October as compared to sales prices from prior 3 month periods going back to January 2000…Case Shiller reported that home prices nationally for the 3 cited months averaged 6.2% higher than prices for the same homes that sold during the same 3 month period a year earlier, while their popular 20 city index saw a 6.4% year over year increase….in addition to that report, the Census released the Advance Economic Indicators report for November, a relatively new report intended to help the BEA estimate trade and inventory figures for the GDP reports, which in this month’s case has already been published….preliminary estimates from that advance report, which are presented as a table without much detail, showed that our November goods trade deficit rose to $69.68 billion, following a revised $68.1 billion deficit in October, while the value of wholesale inventories for November rose 0.7 percent from October to $610.2 billion in November, and the value of retail inventories rose 0.1% to $619.1 billion…the full international trade report will be released this coming week, while the wholesale sales and inventory and retail sales reports will follow in the weeks later…

this week also saw the release of the last two regional Fed manufacturing indices for December; the Richmond Fed Survey of Manufacturing Activity, covering an area that includes Virginia, Maryland, the Carolinas, the District of Columbia and West Virginia, reported its broadest composite index fell to +20 in December from +30 in November, still suggesting a strong expansion of that region’s manufacturing, while the Dallas Fed Texas Manufacturing Outlook Survey reported their general business activity composite index rose to +29.7 from last month’s +19.4, indicating a robust expansion of the Texas manufacturing economy…



(the above is the synopsis that accompanied my regular sunday morning links emailing, which in turn was mostly selected from my weekly blog post on the global glass onion…if you’d be interested in receiving my weekly emailing of selected links, most from the aforementioned GGO posts, contact me…)   

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