Free Markets, Free People
Economic statistics for 25 Oct 11
Today’s economic statistical releases:
In retail sales, ICSC-Goldman Store Sales fell to a 2.4% year on year rate, while Redbook reports 4.1%. Both are slightly below trend.
Case-Shiller data show no change in housing prices for the month, a sign that home prices may finally be bottoming out. The previous three months have see drops of -0.1%. Prices are still down -3.8% from last year. Conversely, according to the FHFA, house prices fell -0.1% in August, ending a string of four monthly gains in a row, after rising 0.1% last month.
The consumer confidence index fell 6.6 points in October to 39.8 on declines in consumer assessments of both current and future conditions.
Manufacturing is contracting for the fourth month in a row in the Richmond Fed district where the manufacturing index is unchanged at -6.
State Street’s confidence index for institutional investors rose 7points in October to 96.7, but remains below 100, still showing a bias towards a demand for safety.