New Home Sales
- New Home Sales for November were 315,000 (annualized.)
- Previous was 307,000. Consensus was 314,000.
While 315,000 is better than 307,000 the fact is that both are horrible. Until excess inventory created during the housing bubble is sold, there is little reason to build new homes.
Durable Goods Orders
DG Orders - Month/Month change +3.8 %
DG Orders - Year/Year Change +12.1 %
Ex-transportation - Month/Month +0.3 %
Ex-transportation - Year/Year +7.2 %
Much of the overall gain is in aircraft.
Personal Income and Spending
Personal Income - Month/Month +0.1 %
Consumer Spending - Month/Month +0.1 %
Core PCE price index - Month/Month +0.1 %
Core PCE price index - Year/Year 1.7 %
PCE is a measure of inflation geared for the consumer. Real (inflation adjusted) wages are declining. The economy continues to leave the average family behind. In fact, a good part of the increase in Personal Income this year has been from the decline in Social Security contributions, money that has to be made up from somewhere at some time in the future.