Economy in Brief

Sales of existing single-family homes fell 4.3% (-1.2% y/y) to 4.900 million (AR) during November from an unrevised 5.120 million in October. The decline from the August high totals 9.1%. November sales fell short of 5.050 million [...]

The index of Leading Economic Indicators, published by the Conference Board, was up 0.8% during November (5.2% y/y). That followed a modest 0.1% in October and was firmer than the 0.7% expected in the Action Economics Forecast Survey. [...]

The Philadelphia Federal Reserve Bank reported that its General Business Conditions Index for December rose slightly to 7.0 from 6.5 in November. The figure nevertheless remained near its lowest level since May and was weaker than [...]

Initial claims for unemployment insurance increased to 379,000 last week (3.6% y/y) following 369,000 claims during the week ended December 7, revised from 368,000. The rise contrasts with consensus expectations for a decline to [...]

The index of Leading Economic Indicators, published by the Conference Board, was up 0.8% during November (5.2% y/y). That followed a modest 0.1% in October and was firmer than the 0.7% expected in the Action Economics Forecast Survey. [...]

At today's meeting of the Federal Open Market Committee the Fed elected to begin reducing, in January, its purchases of agency mortgage-backed and Treasury securities to $75 billion per month from $85 billion per month. The Fed [...]

The Mortgage Bankers Association reported that their total mortgage market index dropped 5.5% last week (-54.1% y/y) to the lowest level since late-2008. Home purchase mortgage applications dropped 6.1% last week (-11.8% y/y). [...]

Housing starts during November surged 22.7% to 1.091 million (29.6% y/y) on top of a 1.8% October gain to 889,000. The latest level beat expectations for 965,000 starts in the Action Economics survey. Starts of single-family homes [...]