Case-Schiller Home Price Index
20-city, Seasonally Adjusted - Month/Month -0.5%. Previous was -0.7%
20-city, Not Seasonally Adjusted - Month/Month -1.1%. Previous was -1.3%
20-city, Not Seasonally Adjusted - Year/Year -4.0 %
Housing Prices are falling. The supply of foreclosures was slowed by lawsuits over sloppy work on the part of note holders but will have the effect of drawing out the time it takes the housing market to recover.
Durable Goods Orders (January 2012)
New Orders - Month/Month -4.0%
New Orders - Year/Year 8.1%
Ex-transportation - Month/Month -3.2%
Ex-transportation - Year/Year 5.7%
Durables corrected downward offsetting the too optimistic buildup in wholesale. Consumer spending has not kept pace and this necessitates a slowing in wholesale. This will show up in the "I" component of GDP where GDP = C(onsumer Spending) + (G)overnment Spending) + I(nvestments) +(e(X)ports-i(M)ports)
Graph here: http://mam.econoday.com/showimage.asp?imageid=22118
Consumer Confidence (February 2012)
Consumer Confidence - a survey measuring predisposition to spend and a leading indicator of consumer spending - was 70.8 up sharply from 61.1 in January. People are more confident about the jobs market. We shall see on March 9 what BLS says.
Store Sales - Week/Week -1.0%
Store Sales - Year/Year 2.7%
Store Sales Year/Year +3.4%.
Redbook is calculated differently from ISCS.
All in all a strange day for fundamentals. Consumers say they are more confident but they are not buying houses or spending cash at chain stores. The sharp increase in gas prices will affect discretionary consumer spending.
We are now starting the process of determining whether or not Greece is in default and if CDS (Credit Default Swaps) will have to be paid. U.S. banks hold the risk on a significant amount of Greek CDS.