Free Markets, Free People
Economic Statistics for 29 Nov 11
Today’s economic statistical releases:
The Conference Board’s consumer confidence index jumped sharply upwards, from 39.8 to 56, mainly on employment optimism.
Distress sales and foreclosures seem to be pushing the housing sector deeper into contraction. The S&P Case-Shiller home price index fell again, -0.6% for the month, and -3.6% for the year. On the other hand, the FHFA reports housing prices rose 0.9% last month, though they’re still down -2.2% on a year over year basis. But, the FHFA only reports on conventional loans or those bundled by government agencies—which often has price caps. Case-Schiller is far more broad, and the FHFA picture is probably missing a lot of trouble in the housing sector.
The State Street Investor Confidence Index rose 2 points to 97.2 from a revised 95.2 last month, as institutional investors became a bit more jaunty.
Finally in retail sales, Redbook reports a year-over-year jump of 5.4% in sales last week. ICSC-Goldman is also strong, with sales up 1.7% for the week, and up 4% over last year.