Econoday RSS Generator mam.econoday.com/getrss.asp?cust=mam Econoday Economic News en webmaster@econoday.com ©2012 Econoday Sat, 25 May 2013 15:48:00 GMT http://www.econoday.com/graphics/nav/home_big3.jpg http://www.econoday.com/ Econoday Highlights
Normally, traders would be focusing on the day’s reports on housing and the consumer— new home sales and consumer confidence. But again, markets likely will move on any news of progress or lack of progress on the fiscal cliff. ]]> info@econoday.com Thu, 27 Dec 2012 GMT Econoday Highlights
Word that the House of Representatives is reconvening this weekend in an effort to reach a deal on the fiscal cliff pulled the Dow off lows. Below 13,000 at midday, the Dow ended at 13,096 for only a fractional loss on the session.

News early in the session from Washington seemed grim with Senate Majority Leader Harry Reid warning strongly that nothing is happening and that law makers are unlikely to reach a deal.

Economic news, increasingly overshadowed by Washington, was upbeat with new home sales showing strength and with jobless claims, distortions aside, trending lower. Oil held steady near $91 with gold steady just over $1,665. ]]> info@econoday.com Thu, 27 Dec 2012 GMT Econoday Definition
Settlement is also called issuance. In general for securities, the settlement date is the date by which an executed securities transaction must be settled, with the buyer paying for the purchase and the seller delivering the asset that was sold. For Treasury securities, on settlement day, the Treasury delivers securities to bidders who were successfully awarded securities in a particular auction. In exchange, Treasury charges the accounts of those bidders for payment of the securities. Please check auctions of individual securities for more details. ]]> info@econoday.com Thu, 27 Dec 2012 GMT Econoday ]]> info@econoday.com Thu, 27 Dec 2012 GMT Econoday PreviousConsensusConsensus RangeActualNew Claims - Level361 K365 K355 K to 375 K350 K4-week Moving Average - Level367.75 K356.75 KNew Claims - Change17 K-12 K
Highlights
It's hard to get a clear picture on jobless claims, but the trend seems to be favorable. Claims fell 12,000 in the December 22 week to a lower-than-expected level of 350,000. But this level appears to be largely a guess since the gathering of the latest data was severely limited by this week's holidays on both Monday and Tuesday, which forced the Labor Department to make estimates for an enormously large number of 19 states.

Putting special factors aside, there are signs of improvement. The four-week average for initial claims, which smooths out special factors, is down 11,250 to 356,750 -- which is roughly 50,000 lower than the Hurricane Sandy-inflated month-ago comparison! Continuing claims are also a positive, falling 32,000 in data for the December 15 week to 3.206 million. The four-week average, down 25,000, is at a new recovery low of 3.219 million. The unemployment rate for insured workers, at 2.5 percent, is holding at a recovery low for a fourth straight week.

Jobless claims data are usually shelved as a forecasting tool during the holidays, and these holidays are no exception. Still behind the noise, the data hint at improvement in the jobs market.
]]> info@econoday.com Thu, 27 Dec 2012 13:30:00 GMT Econoday PreviousActualLevel-31.9 -32.1 
Highlights
The approach of the fiscal cliff is widely believed to be hurting consumer confidence, but the effect isn't apparent in the Bloomberg Consumer Comfort index which is little changed near a four-year high, at minus 32.1 in the December 23 period. Improving home values are easing pessimism with the assessment of the economy and personal finances showing continuing improvement. A negative in the week is a decline in the buying climate which is not a good indication for December retail sales. The Conference Board's monthly report, which focuses on the consumer's assessment of the jobs market, will be posted at 10:00 a.m. ET this morning. ]]> info@econoday.com Thu, 27 Dec 2012 14:45:00 GMT Econoday PreviousConsensusConsensus RangeActualNew Home Sales - Level - SAAR368 K375 K360 K to 390 K377 K
Highlights
The new home market showed strength in November with sales up 4.4 percent to an annual rate of 377,000. October was revised 7,000 lower to 361,000, weakness largely offset by a 5,000 upward revision to September. New home sales, which started the year near 340,000, have slowly been building up momentum this year.

Regional data are mixed with the month's positives being a rebound in the Northeast, which was hit by Hurricane Sandy in late October, and a big gain for the South. Both the West and Midwest show monthly declines.

Scarcity of supply is a big factor in the home sales market, at 4.7 months at the current sales rate for new homes vs 4.9 months in October. Price readings show gains in the month and strong year-on-year rates, at plus 14.9 percent for the median price and 19.9 percent for the average price.

The new home market is a positive for the economic outlook, especially given that scarcity of supply points to new construction ahead. But fundamental economic issues right now are being clouded by the approach of the fiscal cliff and the risk that higher taxes will hurt consumers and home buyers.
]]> info@econoday.com Thu, 27 Dec 2012 15:00:00 GMT Econoday PreviousConsensusConsensus RangeActualConsumer Confidence - Level73.7 70.0 64.8  to 79.0 65.1 
Highlights
The consumer confidence report shows hard evidence that the fiscal cliff is hurting the consumer's assessment of economic conditions. The index fell 6.4 points this month to 65.1 with weakness centered in the post-cliff outlook, that is the expectations component which plunged nearly 15 points to 66.5. The assessment of the present situation actually is up, rising nearly 5-1/2 points to 62.8 which is by far the best reading of the recovery!

And the assessment of the current jobs market is a highlight of the report with only 35.6 percent describing jobs as hard to get which is down sizably, nearly two percentage points from the prior month. More also describe current business conditions as good and fewer describe conditions as bad.

But what is bad is the outlook six months out where fewer see jobs rising and many more see jobs falling. More also see a decrease in their income ahead, at 18.7 percent vs November's 15.6 percent which is a big jump for this reading that underscores the fiscal cliff effect.

Tangibly hurting the consumer's spirits is the fiscal cliff where headlines are now running that the Democratic leadership in the Senate expect the nation to fall over the cliff. The Dow is lower in early trading.
]]> info@econoday.com Thu, 27 Dec 2012 15:00:00 GMT Econoday PreviousActualOffering Amount$32.0 B $32.0 B CUSIP Number912795Z61 9127956F3 Auction DateDecember 26, 2012 January 2, 2013 Issue (Settlement) DateDecember 27, 2012 January 3, 2013 Maturity DateMarch 28, 2013 April 4, 2013 Min Bid Amount$100 $100  ]]> info@econoday.com Thu, 27 Dec 2012 16:00:00 GMT Econoday PreviousActualOffering Amount$28.0 B $28.0 B CUSIP Number9127956W6 912796AN9 Auction DateDecember 26, 2012 January 2, 2013 Issue (Settlement) DateDecember 27, 2012 January 3, 2013 Maturity DateJune 27, 2013 July 5, 2013 Min Bid Amount$100 $100  ]]> info@econoday.com Thu, 27 Dec 2012 16:00:00 GMT Econoday PreviousActualTotal Assets - Weekly Change$3.0 B$-12.9 BReserve Bank credit - Weekly Change$41.3 B$5.5 B
Highlights
For the December 26 week, total assets contracted $12.9 billion, following a rise of $3.0 billion the prior week. The decrease was due primarily to a $6.8 billion decline in holdings of mortgage-backed securities. Federal agency debt was down $2.5 billion with Treasury holdings down $1.9 billion. "Other assets" (largely those denominated in foreign currencies) grew $1.3 billion.

Total assets for the December 26 week stood at $2.909 trillion.

Reserve Bank credit for the December 26 week increased $5.5 billion following an increase of $41.3 billion the week before.

Note: Total assets in the Fed's H.4.1 report are Wednesday levels while Reserve Bank credit is an average of daily figures for the week ending on the same Wednesday. Changes in total assets are from Wednesday to Wednesday while changes in Reserve Bank credit are for weekly averages.
]]> info@econoday.com Thu, 27 Dec 2012 21:30:00 GMT Econoday PreviousActualM2 Weekly Change$54.8 B$36.3 B ]]> info@econoday.com Thu, 27 Dec 2012 21:30:00 GMT