Free Markets, Free People

Economic Statistics for 23 Dec 14

ICSC-Goldman reports strong weekly retail sales, rising 3.4% for the week, and 3.1% on a year-over-year basis. Redbook reports same-store weekly retail sales surged 5.3% on a year-ago basis.

Durable goods orders for November dropped -0.7%, far below expectations, while ex-transportation orders fell -0.4%. On a year-over year basis, durables orders are up only 0.3%, though ex-transportation orders are up 3.9%. 

GDP for the 3rd Quarter of 2014 was revised sharply higher in this final revision, to a 5.0% annualized rate, significantly higher than expected. The GDP price deflator, an inflation measure, was unchanged at 1.4%, annualized.

Corporate after-tax profits in the 3rd Quarter of 2014 were $1.895 trillion, following $1.842 trillion for the 2nd Quarter. 

The FHFA House Price Index rose 0.6% in October, and is up 4.5% from a year ago.

The Reuter’s/University of Michigan’s consumer sentiment index was little changed for December, falling just -0.2 points to 93.6.

Personal income rose 0.4% in November, while personal spending rose 0.6%. On a year over year basis, income is up 4.2% while spending is up 4.0%. The PCE price index fell -0.2%, and the core rate, which excludes food and energy, was unchanged. On a year-over-year basis, the PCE price index is up 1.2% overall, and 1.4% at the core level.

November new home sales fell -1.6% to a lower-than-expected 438,000 annual rate. Also, price data show weakness with the median price falling -3.2% to $280,000.

The Richmond Fed Manufacturing Index rose 3 points to 7 in December.

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