After showing disappointing preliminary numbers, the final Thomson Reuters/University of Michigan Survey Index of Consumer Sentiment jumped to end March, according to the Surveys of Consumers group. The monthly index reached 78.6, coming in above February's reading of 77.6 and March 2012's reading of 76.2. Preliminary figures released mid-March showed an index reading of 71.8, and economists surveyed by Bloomberg came out with a median forecast of 72.6 for the month.
Read More »Fannie Mae: Growth Outlook Strong Despite Fiscal Woes
Jobs, consumer confidence, and the stock market have all been on the rise, and the manufacturing and service industries are experience growth "at a healthy pace," according to Fannie Mae.
Read More »Initial Jobless Claims Make Surprise Jump
First-time claims for unemployment insurance jumped 16,000 to 357,000 for the week ending March 23, the strongest jump since mid-February, the Labor Department reported Thursday. Despite the unexpected bump, initial unemployment claims have fallen for seven of the first 12 weeks of the year, averaging just a shade over 350,000, the number most economists see as the tipping point between a strengthening and weakening jobs market.
Read More »Consumer Confidence Staggers in March as Sequester Hits
The Conference Board's Consumer Confidence Index fell to 59.7 from February's reading of 68.0 (which was revised down from 69.6). The decline wipes out most of the gains observed last month and brings the index to its second lowest reading so far this year. According to Lynn Franco, director or economic indicators at The Conference Board, the retreat in consumer confidence was driven primarily by a sharp decline in respondents' economic outlook, "although consumers were also more pessimistic in their assessment of current conditions."
Read More »NAHB Improving Markets Index Grows to 274
The National Association of Home Builders' (NAHB) Improving Markets Index (IMI) showed no signs of slowing down in March.
Read More »Deloitte: Consumer Spending Largely Flat in February
Deloitte's Consumer Spending Index experienced a minor bump in February as "a decline in initial unemployment claims and a rise in real average hourly earnings offset negative forces," the company reported Wednesday. The index, which tracks consumer cash flow as an indicator of future spending, rose slightly to 4.0 last month from a reading 3.9 in January. While the increase was relatively small, it turned around three straight months of declines and showed consumers are weathering the payroll tax increase well.
Read More »Capital Economics Examines Housing Recovery’s Impact on Growth
While the economy has already seen a slight bump from homebuilding, researchers from Capital Economics contend the burgeoning recovery may provide even greater lift to gross domestic product (GDP). In the firm's latest U.S. Economic Update, senior U.S. economist Paul Dales says the recovery in residential building contributed 0.3 percentage points to last year's 2.2 percent rise in GDP. In addition, recent developments have further highlighted the impact of the recovery on the larger economy.
Read More »How Dire Are Current Capacity Constraints?
Following Elizabeth Duke's comments on the impact capacity constraints are having on the housing market, Capital Economics released an update with a similar focus.
Read More »Mortgage Rates Jump on Better-than-Expected Economic News
Unexpectedly positive employment and spending data drove mortgage rates to their highest level since August last week, according to Freddie Mac and Bankrate.com.
Read More »First-Time, Continuing Jobless Claims Continue to Drop
First time claims for unemployment insurance fell 10,000 to 332,000 for the week ending March 9, the Labor Department reported Thursday. Economists expected 350,000 initial unemployment claims. The drop in filings the third in the last four weeks resumed a downward trend in layoffs.
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