New home sales nose dived in December, to a much worse than expected 414,000 annual rate, while the median price rose 0.6% to $270,200.
The Dallas Fed Manufacturing Survey’s business activity index rose from 3.1 to 3.8 in January. The Production Index was unchanged at 7.1.
Initial jobless claims were unchanged at 326,000. The 4-week average fell 3,500 to 331,500. Continuing claims rose 34,000 to 3.056 million.
Sales of existing homes rose 1.0% in December to a lower-than-expected 4.87 million annual rate.
The Markit PMI manufacturing index flash reading for January dropped –0.7 points to 53.7.
The Chicago Fed National Activity Index fell to 0.16 in December from a revised 0.69.
The FHFA House Price Index rose 0.1% in November, a 7.6% increase from a year ago.
The Bloomberg Consumer Comfort Index was unchanged at -31 in the latest week.
The Conference Board’s index of leading indicators rose 0.1% in December, after a strong 1.0% increase in November.
The Kansas City Fed Manufacturing Index rose from -3 to 5 in January.
The Fed’s balance sheet rose $26.4 billion last week, with total assets of $4.098 trillion. Reserve Bank credit increased $37.7 billion.
The Fed reports that M2 money supply rose by $26.0 billion in the latest week.
Today gives us the first statistics of a very sparse week in the economic calendar.
The MBA reports that mortgage applications rose 4.7% last week, with purchases down -4.0% but refinancings up 10.0%.
In weekly retail sales, Redbook reports a 3.1% increase from the previous year. ICSC-Goldman reports a weekly sales drop of -1.9%, and only a 0.9% increase on a year-over-year basis.
December housing starts fell -8.9% to a 0.999 million annual rate.
The Fed reports that industrial production rose 0.3%, while capacity utilization in the nation’s factories rose 0.2% to 79.2%.
The Reuter’s/University of Michigan’s consumer sentiment index fell -2.1 points to 80.4.
Weekly jobless claims fell 2,000 to 326,000. The 4-week average fell 14,000 to 335,000. Continuing claims rose 174,000 to 3.030 million.
Consumer prices rose 0.3% in December, with the core CPI up 0.1%. On a year-over year basis, the CPI is up 1.5%, and the core rate is up 1.7%.
Foreign holdings in long-term US securities fell by $-29.3 billion in November.
The Bloomberg Consumer Comfort Index fell -2.7 points to -31.0.
The general business conditions index of the Philadelphia Fed’s Business Outlook Survey for December rose 2.4 points to 9.4.
The Housing Market Index for January fell 2 points to 56.
The Fed’s balance sheet rose $43.3 billion last week, with total assets of $4.072 trillion. Reserve Bank credit increased $24.7 billion.
The Fed reports that M2 Money Supply increased by $24.8 billion last week.
The MBA reports that mortgage applications surged 11.9% last week, with purchases up 12.0% and refinancings up 11.0%.
Producer prices rose 0.4% in December, with the core PPI up 0.3%. On a year-over year basis, the PPI is up 1.2%, and the core rate is up 1.4%.
The Empire State manufacturing index jumped to 12.51 in January, with widespread improvements in NY business conditions.
The Atlanta Fed’s Business Inflation Expectations survey stayed steady at 1.9%.
The latest Beige Book stated that the economy expanded at a "moderate pace," in 9 of the 12 Fed Districts.
The NFIB Small Business Optimism Index jumped 1.4 points in December to 93.9.
December retail sales rose 0.2%, with sales less autos up 0.7%, and less autos and gas up 0.6%.
In weekly retail sales, Redbook reports a 2.9% increase from the previous year. ICSC-Goldman reports a weekly sales decrease of -0.1%, and a 1.3% increase on a year-over-year basis.
Export prices rose 0.4% in December, while import prices were unchanged. On a year-over-year basis, export prices
Business Inventories rose 0.4% in November. A 0.8% sales increase left the stock-to-sales ratio unchanged at 1.29.
Wholesale inventories rose by 0.5% in November, while a 1.0% rise in sales lowered the stock to sales ratio to 1.17, the first decline in 3 months.
A disappointing Employment Situation report shows only 74,000 new jobs were created in December. The average workweek declined a tick to 34.4 hours, while average hourly earnings rose 0.1%. The unemployment rate declined to 6.7%, though this was due to a decline in labor force participation. The labor force participation rate, at 62.8, is the lowest since March, 1978. While the civilian non-institutional population rose by 178,000 during the month, the labor force declined by 347,000. The real unemployment rate stands at 11.48%. The following chart of the employment-to-population ratio tells us everything we need to know about the labor market in this "recovery":
The Challenger Job-Cut Report shows layoffs in December hit a recovery low of 30,623.
Gallup’s US Payroll to Population index for December fell to 42.9% from 43.7% in November.
Initial jobless claims fell 15,000 last week, to 330,000. The 4-week moving average fell 9,750 to 349,000. Continuing claims rose 50,000 to 2.865 million.
The Bloomberg Consumer Comfort Index rose 0.3 points to -28.4.
The Fed’s balance sheet rose $4.6 billion last week, with total assets of $4.028 trillion. Reserve Bank credit increased $1.2 billion.
The Fed reports that M2 Money Supply fell by $-10.2 billion last week.
The MBA reports that mortgage applications rose 2.6% last week, with purchases down -1.0% and refinancings up 5.0%.
ADP estimates private payroll growth in December will rise to 238,000, well above consensus estimates.
Consumer credit rose a less-than-expected $12.3 billion in November.