Recent Updates
- Japan: Money Stock (Nov), Business Outlook Survey Press (Q4)
- Beijing Producer Price Index (Nov)
- New Zealand: Truckometer Index (Nov)
- US: Job Openings and Labor Turnover Survey (Oct)
- Canada: Building Permits (Oct), Housing Starts (Nov)
- Canada Regional: Bldg Permits by Province (Oct), Housing Starts by Province (Nov)
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Economy in Brief
OECD LEIs Point to Weakness
OECD LEIs point to weakness ahead for the OECD area as well as separately for the OECD seven largest economies, the euro area, and the U.S....
U.S. Employment and Earnings Gains Weaken Unexpectedly
Labor market strength eased during November...
Wholesale Inventories Grow While Sales Decline
Wholesale inventories increased 0.8% month-on-month (6.9% year-over-year) during October...
U.S. Consumer Credit Usage Expands
Consumer credit outstanding increased $25.38 billion during October...
German IP Takes Surprising October Slip
Germany's industrial production slowed to a gain of only 0.1% in September then dropped by 0.5% in October...
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 |
