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September 19, 2013

Existing Home Sales Flattening? Other Indicators Positive.

September 19, 2013

Existing Home Sales Flattening? Other Indicators Positive.

Initial Jobless Claims (week ended 9/14/2013)

– New Claims (seasonally adjusted) 309,000. Previous was 294,000

– 4-week Moving Average 314,750. Previous was 321,750

Unadjusted claims totaled 271,747 in the week ending September 14, an increase of 42,262 from the previous week. There were 330,454 initial claims in the comparable week in 2012.

According to the Labor Department this data is still defective due to computer problems. I believe that this and last week’s data should be disregarded.

Existing Home Sales (August 2013)

– Existing Home Sales (Seasonally adjusted, annualized) 5,480,000. Previous was 5,390,000.

This is a 1.7% gain Month/Month and a 13.2% gain Year/Year.

I think that just like Housing Starts, Existing Home Sales are flattening.  Higher rates are one of the causes.

Philadelphia Federal Reserve Survey (September 2013)

– General Business Conditions Index 22.3. Previous was 9.3.

This is a survey index and is very strong.

Leading Economic Indicators (August 2013)

– Leading Indicators Month/Month  +0.7%. Previous was  +0.6%.