Factory orders rose 1.8% in November to a seasonally adjusted $459.2 billion, following a revised 0.2% decrease in October. Excluding the volatile transportation sector, orders rose 0.3% in November.
Retail sales rose 1.2% for the week ending December 31, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 5.3%.
The Institute for Supply Management reported that the monthly composite index of manufacturing activity rose to 53.9 in December after a reading of 52.7 in November. A reading above 50 signals expansion. It was the 29th straight month of expansion.
Total construction spending rose 1.2% to $807.1 billion in November, following a 0.2% decrease in October. Economists had anticipated an increase of 0.5% in November. Compared to a year ago, construction spending rose 0.5%.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending December 30 fell 3.7%. Refinancing applications decreased 1.9%. Purchase volume fell 9.7%.
The Institute for Supply Management reported that the monthly composite index of non-manufacturing activity rose to 52.6 in December from 52 in November. A reading above 50 signals expansion. It was the 25th straight month of expansion in the services sector.
Initial claims for unemployment benefits fell by 15,000 to 372,000 for the week ending December 31. Continuing claims for the week ending December 24 fell by 22,000 to 3.595 million. The monthly unemployment rate fell to 8.5% in December from a revised 8.7% in November and 9% in October.
from Prospect Mortgage Economic Update
The combined construction of new single-family homes and apartments in November rose 9.3% to a seasonally adjusted annual rate of 685,000 units. Single-family starts increased 2.3%. Multifamily starts rose 25.3%. Applications for new building permits, seen as an indicator of future activity, rose 5.7% to an annual rate of 681,000 units.
Existing home sales rose 4% in November to a seasonally adjusted annual rate of 4.42 million units from 4.25 million units in October. The inventory of unsold homes on the market decreased to 2.58 million, a 7-month supply at the current sales pace, down from a 7.7-month supply in October.
The Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at a revised annual rate of 1.8% in the third quarter of 2011.
New home sales rose 1.6% in November to a seasonally adjusted annual rate of 315,000 units from a revised rate of 310,000 units in October. Compared to a year ago, new home sales were up 9.8%.
The index of leading economic indicators — designed to forecast economic activity in the next three to six months — rose a strong 0.5% in November, following a 0.9% increase in October.
Orders for durable goods — items expected to last three or more years — rose $7.5 billion or 3.8% to $207 billion in November. Excluding volatile transportation-related goods, orders posted a monthly increase of 0.3%.
Initial claims for unemployment benefits fell by 4,000 to 364,000 for the week ending December 17. Continuing claims for the week ending December 10 fell by 79,000 to 3.546 million.
PS – The Federal Housing Administration (FHA) has extended the temporary waiver of anti-flipping regulations through December 31, 2012.
from Prospect Mortgage Economic Update
New home sales rose 1.3% in October to a seasonally adjusted annual rate of 307,000 units from a revised rate of 303,000 units in September. Compared to a year ago, new home sales were up 8.9%.
The Standard & Poor’s/Case-Shiller 20-city housing price index — on a non-seasonally adjusted basis — fell 0.6% in September after a 0.1% increase in August. On a year-over-year basis, prices fell 3.6% compared with September 2010.
The consumer confidence index rose to 56 in November from 40.9 in October, the largest gain since April 2003. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.
Pending home sales, a forward-looking indicator based on signed contracts, rose 10.4% in October after a 4.6% decrease in September. On a year-over-year basis, pending home sales are up 9.2%.
The Institute for Supply Management reported that the monthly composite index of manufacturing activity rose to 52.7 in November after a reading of 50.8 in October. A reading above 50 signals expansion. It was the 28th straight month of expansion.
Total construction spending rose 0.8% to $798.5 billion in October, following a 0.2% increase in September. Economists had anticipated an increase of 0.3% in October.
Initial claims for unemployment benefits rose by 6,000 to 402,000 for the week ending November 26. Continuing claims for the week ending November 19 rose by 35,000 to 3.7 million. The monthly unemployment rate fell to 8.6% in November from 9% in October.
from Prospect Mortgage Econonic Update
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending November 4 rose 10.3%. Refinancing applications increased 12.1%. Purchase volume rose 4.8%.
According to the Federal Reserve, consumer credit debt rose in September by $7.39 billion for a total credit level of $2.452 trillion. Revolving debt, which includes credit cards, fell by $627 million to $789.6 billion. Non-revolving debt, including loans for cars, rose by $8 billion to $1.662 trillion.
Wholesalers decreased their inventories 0.1% to $462 billion in September. This followed a revised 0.3% decline in August. Sales at the wholesale level rose 0.5% to $403.1 billion in September. On a year-over-year basis, sales were 15% higher since September 2010.
The trade deficit decreased to $43.1 billion in September from a revised $44.9 billion in August. Exports rose 1.4% to $180.4 billion. Imports increased 0.3% to $223.5 billion.
Import prices fell 0.6% in October, following a 0.3% increase in September. On a year-over-year basis, import prices are up 11%, led mostly by a sharp rise in fuel prices. Export prices fell 2.1% in October after advancing 0.4% in September. For the year, export prices are up 6.3%.
The Reuters/University of Michigan consumer sentiment index for November’s preliminary reading rose to 64.2 from 60.9 in October. It was the third monthly gain in a row for the index.
Initial claims for unemployment benefits fell by 10,000 to 390,000 for the week ending November 5. That’s the lowest level since April. Continuing claims for the week ending October 29 fell by 92,000 to 3.615 million.
from Prospect Mortgage Economic Update
