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Economic NotesS&P/Case-Shiller Indices post modest declines — Jan. 26, 2010The S&P/Case-Shiller Composite 20 Home Price Index (non-seasonally adjusted) declined slightly in November, slipping 0.2 percent from October. Over the past year, (the most appropriate measurement period for non-seasonally adjusted data) the index is down 5.3 percent. The 10-City Composite showed similar performance, also dropping 0.2 percent on a non-seasonally adjusted basis. The index is 4.5 percent year-over-year. On a non-seasonally adjusted basis, only six of the 20 metropolitan statistical areas (MSAs) showed any increase in price. Areas with the largest declines from peak levels are Las Vegas, down 55.6 percent; Phoenix, down 50.8 percent; Miami, down 46.9 percent; and Detroit, down 42.8 percent. Areas with smallest declines have been Dallas, down 5.2 percent; Denver, down 8.6 percent; Cleveland, down 15.2 percent; and Boston, down 15.6 percent. On a seasonally-adjusted basis, 14 of the 20 MSAs showed gains. While annual rates continue to show improvement, the data adds more mixed signals, noted Standard & Poor's in today's press release. Fewer homes sold in December, but prices rise — Jan. 25, 2010Sales of existing homes slumped nearly 17 percent in December. A decline was widely expected after first time home buyers pushed sales in November in advance of the tax credit program's expiration. That program has since been expanded and the deadline extended through April 2010. Even with this sharp drop, home resales are up 15 percent from a year ago. The median sales price rose 4.9 percent for the month, to $178,300, and has gained 1.5 percent for the year. The number of single-family detached homes sold was down 16.8 percent to 4.8 million; condo/coop sales were down 15.4 percent. Sales of both are up year-over-year, by 12.3 percent and 34.7 percent respectively. The inventory of unsold homes declined 6.6 percent on the month and has improved 11.1 percent from a year ago. The supply of unsold homes sits at 7.2 months. Jobs picture continues to disappoint — Jan. 8, 2010The nation's unemployment rate remained at 10 percent in December as employers cut another 85,000 jobs. The Bloomberg estimate pegged expectations at “no change”. The revised data for November showed a gain of 4,000 jobs — the first in nearly two years — however, 16,000 more jobs were lost in October than previously reported. Over the past 25 months more than 7 million jobs have disappeared. Employment continued to decline in construction, down 53,000, and manufacturing, down 27,000, in December. Leisure and hospitality reported a loss of 25,000 jobs and government employment fell by 21,000. Professional and business services gained 50,000 jobs and another 35,000 were added in education and health services. Average hourly earnings increased to $18.80 from $18.77 and the non-manufacturing average work week remained unchanged at 33.2 hours. |
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