Free Markets, Free People
Economic Statistics for 28 Feb 12
The following statistics were released today on the state of the US Economy:
Durable goods orders fell -4.0% for January, but were still 8.1% higher than a year ago. Ex-transportation, orders fell -2.3% for the month, but were up 5.7% over last year.
Home prices are still falling, as Case-Schiller reports prices dropped a steep -0.5% in December. That’s down -4.0% from last December.
Consumer confidence jumped more than 9 points to 70.8. That’s still below the February 2011 index of 72.0, however.
The Richmond Fed Manufacturing Index jumped sharply, up 8 points to 20, indicating a strong increase in manufacturing in the district. This continues the trend of strong regional manufacturing reports we’ve been seeing, but is at odds with the weak durable goods orders data also released this morning.
State Street’s Investor Confidence Index says institutional investors may be getting skittish, as the index dropped to a very weak 86.5 in February.
In retail sales, Redbook reports a strong 3.4% year-over-year increase in same store sales. Conversely, ICSC-Goldman’s same-store sales index fell a big -1.0% for the week, and the year-over-year 2.7% increase is the lowest in three months.