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Economy in Brief
German PPI Rises at Nine-Month High Pace
The German PPI gained 0.2% in June on the heels of a 0.6% rise in May...
U.S. Leading Economic Indicators Improve
The Conference Board's Composite Index of Leading Economic Indicators increased 0.5% (5.8% y/y) during June...
Philadelphia Fed Factory Conditions Recover; Prices Surge
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rebounded to 25.7 during July...
U.S. Initial Unemployment Insurance Claims Hit Lowest Since 1969
Initial claims for unemployment insurance dropped to 207,000 during the week ended July 14...
Japan's Trade Deficit Swings Back to Surplus (Small Surplus)
Japan's early June trade results show a goods trade position having swung back to surplus in June from deficit in May...
by Robert Brusca October 11, 2007
The UK RICs survey is a net balance survey and therefore samples the breadth of gains or drops across the area and dimension surveyed. In September the net balance for prices fell to -15 from -3 in August, a sharp month-to-month drop.Both sales expectations and prices are now dropping. Price expectations are dropping as well and the reading for expectations lies below that for prices, a signal in the past that price reductions could continue for some time.
The RICs assessment for housing is quite negative. It’s the worst since late 2005 for prices and since early 2003 for sales.
| RICS: House Prices and Expectations for Prices and Sales | ||||||
|---|---|---|---|---|---|---|
| Sep-07 | Aug-07 | Jul-07 | 3MoAvg | 6MoAVg | 12MoAvg | |
| Prices | -15 | -3 | 11 | -2 | 9 | 22 |
| Price Expectations | -20 | -13 | -9 | -14 | -5 | 11 |
| Sales expectations | -9 | -4 | -6 | -6 | 2 | 11 |
| New Sales | -28 | -20 | -17 | -22 | -11 | -3 |
