Top Two Economic Reports for This Week

With the Thanksgiving Holiday tomorrow, today is the last day of the week for the markets. That means we’ll review the latest economic data a little early this week to identify which pockets of the economy are heating up and which are slowing down. Let’s take a look at this week’s big headlines…

Existing Home Sales

Tuesday’s Existing Home Sales report showed stronger-than-expected results for October. The indicator was up 2.0% for a 5.4 million annualized rate. Both single-family and condos resale were up. The price median was down only 0.2% at an actual number of $247,000, giving us a 5.5% year-on-year raise.

Regional sales were way up, led by the Northeast with a 4.2% rise. There was a 1.9% rebound in the South following Hurricanes Harvey and Irma. And even though the West was up 2.4% and the Midwest was up 0.8%, there’s still a lot of ground to cover. The annual rate for total sales stands at -0.9%.

Durable Goods Orders

Durable goods were unable to post three straight months of gains. They were down -1.2% in October. There was a 33% reversal in commercial aircraft orders, and a 0.5% decline in core capital goods orders (nondefense ex-aircraft).

However, there were still some positives in today’s report. Ex-transportation was solid, with a 0.4% gain. This reading’s September revision was also positive, going up 0.4 points to 1.1%. But core capital goods had an even larger revision. Offsetting October’s decline, their September numbers were revised up 0.8 points to 2.1%. Shipments of core capital goods were also revised higher. They’re up 0.5 points in September to 1.2%, and October is up 0.4%.

This report may not be the most positive news, but it looks like the factory sector could be contributing to positive Q4 growth.

That’s all I have for you this week. I hope you enjoy your holiday with friends, family, food and football. I’ll be in touch again next week with the latest ratings updates out of Portfolio Grader.

Have a great Thanksgiving,

Louis Navellier

Louis Navellier

More Louis Navellier



RSS Feed

Little Book

InvestorPlace Network