Friday, 21 January 2011

US existing home sales and leading index rise

A day after a report that showed that US housing starts fell 4.3 percent in December, we revert to the positive data trend of recent months.

From Bloomberg on Thursday:

Sales of previously owned U.S. homes and the index of leading indicators exceeded forecasts, signs the expansion is gaining momentum at the start of 2011.

Purchases of existing houses jumped 12 percent in December to a 5.28 million annual rate, the National Association of Realtors said today in Washington. The New York-based Conference Board’s gauge of the economic outlook for the next three to six months rose 1 percent. Claims for unemployment benefits fell by 37,000 last week, according to the Labor Department...

The Fed Bank of Philadelphia said its general economic index slipped to 19.3 from last month’s 20.8. Readings greater than zero indicate expansion. Orders placed with area factories grew the most since September 2004, while a gauge of employment was the strongest since April 2006.

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