Weekly Economic Update
November 28, 2011
A TINY INCREASE IN CONSUMER SPENDING
Personal spending advanced by just 0.1% in October, the smallest gain in four months, as measured by the Commerce Department. Hopefully a strong Black Friday and Cyber Monday will make November a different story. In better news, personal incomes rose 0.4% last month, the best month for that statistic since March. America’s savings rate increased 0.2% to 3.5%.1
Personal spending advanced by just 0.1% in October, the smallest gain in four months, as measured by the Commerce Department. Hopefully a strong Black Friday and Cyber Monday will make November a different story. In better news, personal incomes rose 0.4% last month, the best month for that statistic since March. America’s savings rate increased 0.2% to 3.5%.1
HOUSEHOLD CONFIDENCE RISES
Americans seems to be feeling less pessimistic about the economy. The final November Thomson Reuters/University of Michigan consumer sentiment survey came in at 64.1, much better than the final October mark of 60.9.1
Americans seems to be feeling less pessimistic about the economy. The final November Thomson Reuters/University of Michigan consumer sentiment survey came in at 64.1, much better than the final October mark of 60.9.1
HOME SALES, DURABLE GOODS ORDERS ENCOURAGE
The National Association of Realtors reported a 1.4% increase in existing home sales in October and a 2.2% monthly reduction in the backlog of unsold properties, taking the inventory down to 8.0 months. Overall hard goods orders declined 0.7% in October but were up 0.7% with transportation orders factored out; economists polled by Bloomberg News had expected a 1.2% overall monthly retreat.2,3,4
The National Association of Realtors reported a 1.4% increase in existing home sales in October and a 2.2% monthly reduction in the backlog of unsold properties, taking the inventory down to 8.0 months. Overall hard goods orders declined 0.7% in October but were up 0.7% with transportation orders factored out; economists polled by Bloomberg News had expected a 1.2% overall monthly retreat.2,3,4
GOLD DIPS UNDER $1,700
The precious metal slipped2.27% last week, and it is down 5.71% in the past two weeks; prices settled at 1,685.50 an ounce. Oil lost 0.92% last week on the NYMEX to settle at $96.77 at closing. 5
The precious metal slipped2.27% last week, and it is down 5.71% in the past two weeks; prices settled at 1,685.50 an ounce. Oil lost 0.92% last week on the NYMEX to settle at $96.77 at closing. 5
BUYERS CROWD THE MALLS, BUT NOT WALL STREETStocks were hit hard during a short trading week by two developments: the failure of the “super committee” on Capitol Hill and a German bond auction at which 35% of the 10-year notes offered went unsold. The numbers for the week: DJIA, -4.78% to 11,231.78; S&P 500, -4.69% to 1,158.67; NASDAQ, -5.09% to 2,441.51.6
THIS WEEK: On Cyber Monday, the numbers on October new home sales come out. Tuesday, the latest S&P/Case-Shiller home price index is released along with the Conference Board’s November snapshot of U.S. consumer confidence; also, Tiffany issues 3Q results. Wednesday, we get data on October pending home sales from the National Association of Realtors and a new Federal Reserve Beige Book. Thursday brings the latest initial claims numbers, November’s ISM manufacturing index, data on auto sales from the Commerce Department and earnings from Kroger, Barnes & Noble and H&R Block. Friday, the October unemployment report is released and Big!Lots announces 3Q earnings.
% CHANGE
|
Y-T-D
|
1-YR CHG
|
5-YR AVG
|
10-YR AVG
|
DJIA
|
-2.99
|
+1.26
|
-1.71
|
+1.25
|
NASDAQ
|
-7.97
|
-3.67
|
-0.15
|
+2.58
|
S&P 500
|
-7.87
|
-2.58
|
-3.46
|
+0.0001
|
REAL YIELD
|
11/25 RATE
|
1 YR AGO
|
5 YRS AGO
|
10 YRS AGO
|
10 YR TIPS
|
0.05%
|
0.75%
|
2.27%
|
3.50%
|
Sources: usatoday.com, bigcharts.com, treasury.gov, treasurydirect.gov - 11/25/117,8,9,10
Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly.
These returns do not include dividends.
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