Yesterday, in a short preview of coming negative news , I mentioned that the Institute for Supply Management (ISM) PMI will be released next week (Wed, Sept 1st) – and that the ISM PMI will probably continue to decline based on the regional manufacturing reports. Gavyn Davies at the Financial…
The Census Bureau reports New Home Sales in July were at a seasonally adjusted annual rate (SAAR) of 276 thousand. This is an decrease from the record low of 315 thousand in June (revised down from 330 thousand). Click on graph for larger image in new window. The first graph…
CR NOTE: There have been a couple of “stimulus” proposals making the rounds over the last couple days from major analysts. Housing economist Tom Lawler takes a look at one proposal from Morgan Stanley … the following lengthy discussion is from Lawler : “Slam-Dunk” Stimulus? MS = Missing Something!!!!…
From the Boston Globe: Summers cites recovery, risks The US economy has probably begun a lasting recovery, but the outlook has become more uncertain in recent weeks … said Lawrence Summers, President Obama’s top economic adviser. … Summers … presented a cautious, measured view of economic conditions. For example, after…
From President Obama: Letter from the President to G-20 Leaders Our highest priority in Toronto must be to safeguard and strengthen the recovery. We worked exceptionally hard to restore growth; we cannot let it falter or lose strength now. This means that we should reaffirm our unity of purpose to…
There is some evidence that apartment rents have bottomed … at least temporarily. The BLS reported this morning: The shelter index increased for the first time since August 2009, rising 0.1 percent. The rise was mostly due to the index for lodging away from home, which increased 2.5 percent. The…
From Outlook Money: By Rajesh Kumar In September 2006, Nouriel Roubini, a professor of economics at New York University, speaking at the International Monetary Fund (IMF), warned that the US economy would suffer a once-in-a-lifetime housing bust and a deep recession. The warning was received by the audience with…
We are starting to see articles like this from CNBC: Strong Jobs Number on Friday Could Give the Markets a Boost Economists expect the US economy generated about 540,000 jobs in May—a large portion of which expected to come from Census hiring—and many analysts will be hoping that’s enough to…
From Carolyn Said at the San Francisco Chronicle: Foreclosures shifting to affluent ZIP codes Foreclosures are going upscale across the Bay Area. … Even more striking is the growth of mortgage defaults – the first step in the foreclosure process – in affluent ZIP codes. While the high-end numbers are…
Overall construction spending increased in April, and private construction spending, both residential and non-residential, also increased in April. From the Census Bureau: April 2010 Construction at $847.3 Billion Annual Rate The U.S. Census Bureau of the Department of Commerce announced today that construction spending during April 2010 was estimated at…