Wednesday, February 17, 2016

Thursday: Unemployment Claims, Philly Fed Mfg Survey

by Bill McBride on 2/17/2016 07:36:00 PM

From the Sacramento Bee: CoreLogic: Sacramento County has best January in three years

CoreLogic said 4,845 new and existing houses and condominiums sold in the nine-county Bay Area last month, down 38.3 percent from 7,849 in December but up 7.1 percent from 4,523 in January 2015.
CoreLogic analyst Andrew LePage noted that “January and February are sort of strange months that have not proven to be predictive. … Some people don’t like to buy or sell during the holidays or the middle of winter, so you’re left with a subset of the normal group of market participants. Investors tend to be more concentrated in the January/February closing/recording stats.

“Typically, the March and April data reflect a growing number of traditional buyers, and at that point we should get a stronger sense of where the housing market is headed.”
• At 8:30 AM ET, initial weekly unemployment claims report will be released. The consensus is for 275 thousand initial claims, up from 269 thousand the previous week.

• Also at 8:30 AM, the Philly Fed manufacturing survey for February. The consensus is for a reading of -2.5, up from -3.5.