Homes under signed contracts for sale slipped 1.5 percent in October from September as the traditional home-buying season ended, the National Association of Realtors (NAR) reported.
Category: TRENDS ON THE U.S. ECONOMIC FRONT – Dec 5 2023
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CONSUMERS GIVE RETAILERS A LUMP OF COAL FOR THE HOLIDAYS
Initial reports show that consumers spent more than last year over the frenzied “Black Friday” shopping weekend following the Thanksgiving holiday, but only because prices were higher, The Wall Street Journal reported.
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HEALTHCARE LEADS U.S. JOB GROWTH
Thirty percent of new jobs created in the U.S. in the six months through 31 October were in healthcare, the Labor Department reported.
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THIRD-QUARTER GROWTH ESTIMATE REVISED UPWARD
In this year’s third quarter, the U.S. economy grew by a robust 5.2 percent, adjusted for inflation, not the 4.9-percent clip estimated earlier, the Commerce Department said in a statement.
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U.S. MANUFACTURING SLOWED AGAIN IN NOVEMBER
U.S. factory output has been contracting for 13 consecutive months, the Institute for Supply Management (ISM) said in announcing its Purchasing Managers Index (PMI) for November.
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INVESTORS DIVE BACK INTO RISKIER ASSETS
Believing that inflation has been tamed and interest rates will not rise further, investors are piling back into global stocks, which had been seen as risky as long as the dollar was strong and U.S. interest rates continued to rise.
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RATE HIKES ARE OVER
In a 1 December speech at Spelman College, U.S. Federal Reserve chair Jerome Powell said interest rates are “well into restrictive territory” and doing their job of slowing the economy to tamp down inflation.
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ECONOMIC UPDATE – MARKET OVERVIEW
It’s all in the numbers and the numbers are negative for both corporate profits and the servants of the Bigs... the plantation workers of Slavelandia.