Tuesday, November 27, 2012

Wednesday: New Home Sales, Beige Book

by Bill McBride on 11/27/2012 09:01:00 PM

Earlier, a little good manufacturing news from the Richmond Fed: Manufacturing Activity Advanced in November; Optimism Increased

Manufacturing activity in the central Atlantic region advanced moderately in November following a slight pullback in October, according to the Richmond Fed's latest survey. ...

In November, the seasonally adjusted composite index of manufacturing activity — our broadest measure of manufacturing — gained sixteen points to 9 from October's reading of −7. Among the index's components, shipments rose twenty points to 11, new orders moved up seventeen points to finish at 11, and the jobs index increased eight points to 3.
And on consumer confidence from the Financial Times: US growth hopes lifted by housing data
The figures suggest that consumers and companies are holding their nerve despite anxiety about the fiscal cliff ... The Conference Board, an industry group, said its index of consumer attitudes towards the economy rose to 73.7 in November, its highest since February 2008.
excerpt with permission
Wednesday:
• At 7:00 AM, the Mortgage Bankers Association (MBA) will release the mortgage purchase applications index.

• At 10:00 AM, New Home Sales for October from the Census Bureau will be released. The consensus is for a decrease in sales to 387 thousand Seasonally Adjusted Annual Rate (SAAR) in October from 389 thousand in September.).

• At 2:00 PM, the Federal Reserve Beige Book will be released.  This is an informal review by the Federal Reserve Banks of current economic conditions in their Districts. This might show some slight improvement. Some analysts will be looking for concerns about Europe or the "fiscal cliff".

Earlier on House Prices:
Case-Shiller: Comp 20 House Prices increased 3.0% year-over-year in September
Case-Shiller House Price Comments and Graphs
Real House Prices, Price-to-Rent Ratio
All Current House Price Graphs


Another question for the November economic prediction contest (Note: You can now use Facebook, Twitter, or OpenID to log in).

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