Recent Updates
- France: **France Wages and Earnings Rebased to Q2-2017=100**
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Economy in Brief
U.S. Financial Accounts See Borrowing Ease with Downswing in Federal Government Needs
Borrowing in U.S. financial markets slowed in Q2 2018...
U.S. Leading Economic Indicators Increase
The Conference Board's Composite Index of Leading Economic Indicators increased 0.4% (6.4% y/y)...
U.S. Existing Home Sales Hold Steady
The National Association of Realtors reported that sales of existing homes during August were unchanged at 5.340 million (SAAR, -1.5%)....
Philadelphia Fed Factory Conditions Improve; Prices Weaken Again
The Philadelphia Fed that its General Factory Sector Business Conditions Index rose to 22.9 during September...
U.S. Initial Claims for Unemployment Insurance Edge Down Further
Initial unemployment insurance applications decreased to 201,000 (-21.2% y/y) during the week ended September 15...
Special Topics
by Tom Moeller August 16, 2007
The Composite Housing Market Index from the National Association of Home Builders' (NAHB) fell hard this month to the lowest level since early 1991. At 22, for August, the index fell 8.3% from July after a 14.3% during that month.
During the last twenty years there has been a 76% correlation between the y/y change in the Composite Index and the change in single family housing starts.
The sub-index for current sales also was down and fell 4.2% (-37.8% y/y) from July. The sub-index covering prospective sales in the next six months dropped 5.9% m/m (-22.0% y/y).
Traffic of prospective home buyers fell 15.8% m/m (-27.3% y/y).
The NAHB index is a diffusion index based on a survey of builders. Readings above 50 signal that more builders view conditions good than poor.
Visit the National Association of Home Builders.
| Nat'l Association of Home Builders | August | July | Aug. '06 | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|---|
| Composite Housing Market Index | 22 | 24 | 33 | 42 | 67 | 68 |
