Written by rjs, MarketWatch 666
October’s Case-Shiller HPI; Advance Economic Indicators for November
With the major month end reports already released last week, the only widely watched report released this week was the Case-Shiller Home Price Index for October from S&P Case-Shiller, which doesn’t even include any prices of homes, but just a index generated by averaging relative sales prices of homes that sold during August, September and October against the sales prices of the same homes when they sold during prior 3 month periods going back to January of 2000.
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Comparing sales prices on that basis, the Case-Shiller report indicated that their national home price index for those 3 months averaged 8.4% higher than it did for the same homes that sold during the same 3 month period a year earlier, up from the 7.0% year over year index increase indicated by the September report, which covered sales prices from July, August and September.
Meanwhile, this week also saw the last of the regional Fed manufacturing surveys for December: the Dallas Fed Texas Manufacturing Outlook Survey reported their general business activity composite index fell to +9.7 from November’s +12.0, suggesting that the Texas manufacturing economy is growing slightly slower than a month ago…
In addition, the Census Bureau released three “Advance Economic Indicators” this week, which are sketchy estimates that have typically been released a day before the monthly GDP reports since 2016, & which are intended to give the Bureau of Economic Analysis a basis for their estimates of the related GDP components… the Advance U.S. International Trade in Goods report indicated that our trade deficit in goods increased to $84.8 billion in November from a revised $80.4 billion in October, as November’s exports of goods were valued at $127.2 billion, $1.1 billion more than October’s exports, while November’s imports of goods were valued at $212.0 billion, $5.5 billion more than October’s imports… meanwhile, the Advance Monthly Retail Inventories report indicated that retail inventories were valued at $616.9 billion at the end of November, up 0.7 percent (+/- 0.4%) from October, after October’s revised inventories rose 0.9% from September, while the Advance Monthly Wholesale Inventories report indicated end-of-month wholesale inventories were valued at $649.0 billion, down 0.1 percent (+/- 0.2 percent)* from October, after October’s revised inventories rose 1.2% from September…the details on and revisions to these advance estimates will be provided when the full reports are released in the coming weeks.
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