- by New Deal democratJust a quick note on this morning’s economic data. First, new home sales improved in December from October and November’s relatively dismal pace (blue in the graph below). We are back to the levels of last summer, but still down from one year ago (including as the more stable, less noisy 3-month rolling average)(red shows prices, which have been moving in tandem with sales during this expansion): This is of a piece with yesterday’s December permits and starts data. Both metrics are down, but look likely to bottom within a few months in response to lower long term interest rates. Second, the ISM services, or non-manufacturing, index came in at a very good 59.7. Here is that metric for this expansion (via Briefing.com): As you can see, this metric is
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- by New Deal democrat
Just a quick note on this morning’s economic data.