cont
Enviado: 28/11/2006 16:07ECONOMIC REPORT: Confidence falls for 2nd straight month in November; First back-to-back decline since Hurricane Katrina
By Greg Robb, MarketWatch Last Update: 10:01 AM ET Nov 28, 2006
WASHINGTON (MarketWatch) - Uncertainty about the strength of the economy caused the second straight monthly decline in U.S. consumer confidence in November, the Conference Board said Tuesday.
The consumer confidence index fell to 102.9 in November from a revised 105.1 in October, the private economic research group said. The index peaked at 105.9 in September.
This is the first back-to-back decline in the index since last September and October, when hurricanes ravaged the Gulf Coast region.
The decline in confidence surprised economists, who were expecting the index to increase to 106.4 from the initial October reading of 105.4, according to a survey conducted by MarketWatch.
Economists thought lower energy prices and an end to negative campaigning from the midterm election would boost confidence.
But concern about the job market and a more-guarded short-term outlook led to the drop in confidence, the Conference Board said.
Despite the weakness, Lynn Franco, director of the Conference Board's research center, said that confidence remains at a relatively high level, "suggesting the economy will continue to expand throughout the first half of next year."
In November, the present situation index fell to 123.6 from 125.1. This is the lowest level since last December. The index is seen as a good barometer of near-term spending plans.
The number of consumers saying conditions are "good" dropped to 26.5% in November from 27.9% in October. Those claiming conditions are "bad" remained steady at 16.8%.
The assessment of the labor market was less favorable than last month. Those saying jobs are "hard to get" rose to 22.4% from 21.8% in October.
The expectations index slipped to 89.2 in November from 91.9 in October.
Inflation expectations fell in November. The outlook for inflation in 12 months declined to 4.7 in November from 4.9% in October. This is the lowest level this year.
----------------------
ECONOMIC REPORT: Existing-home sales rise first time since Feb.
By Rex Nutting, MarketWatch Last Update: 10:01 AM ET Nov 28, 2006
WASHINGTON (MarketWatch) - Sales of existing U.S. homes rose 0.5% to a seasonally adjusted annual rate of 6.24 million in October, the first increase since February, the National Association of Realtors reported Tuesday.
Economists were expecting sales to fall to 6.15 million annualized, according to a survey conducted by MarketWatch.
September's sales were revised higher to 6.21 million from 6.18 million initially reported.
Sales are down 11.5% in the past year.
"As expected, existing-home sales appear to be stabilizing, fingers and toes crossed," said David Lereah, chief economist for the realtors' industry group.
Median sales prices fell a record 3.5% year-over-year, the third decline in a row. Prices had never fallen three months in a row since 1968, when the realtors began collecting data.
Falling prices are "a good thing," Lereah said.
Inventories of unsold homes increased 1.9% to 3.854 million, representing a 7.4-month supply at the October sales rate. It's the largest months' supply since April 1993.
Lereah said the rise in inventories in October was untroubling, since it reflected seasonal factors.
"Inventories have stabilized," he said.
"It's a positive for the economy," Lereah said. "I see some positive signs," pointing to lower mortgage rates and rising levels of mortgage applications.
Regionally, sales rose 6.4% in the West, were unchanged in the Midwest, and fell 2.9% in the Northeast and fell 1.2% in the South.
Sales of single-family homes rose 1.3% to 5.5 million. Sales of single-family homes are down 11% in the past year. Median sales prices fell 3.4% year-over-year to $221,300.
Sales of condos dropped 4.8% to 778,000. Median sales prices are down 5.3% in the past year to $214,300.
By Greg Robb, MarketWatch Last Update: 10:01 AM ET Nov 28, 2006
WASHINGTON (MarketWatch) - Uncertainty about the strength of the economy caused the second straight monthly decline in U.S. consumer confidence in November, the Conference Board said Tuesday.
The consumer confidence index fell to 102.9 in November from a revised 105.1 in October, the private economic research group said. The index peaked at 105.9 in September.
This is the first back-to-back decline in the index since last September and October, when hurricanes ravaged the Gulf Coast region.
The decline in confidence surprised economists, who were expecting the index to increase to 106.4 from the initial October reading of 105.4, according to a survey conducted by MarketWatch.
Economists thought lower energy prices and an end to negative campaigning from the midterm election would boost confidence.
But concern about the job market and a more-guarded short-term outlook led to the drop in confidence, the Conference Board said.
Despite the weakness, Lynn Franco, director of the Conference Board's research center, said that confidence remains at a relatively high level, "suggesting the economy will continue to expand throughout the first half of next year."
In November, the present situation index fell to 123.6 from 125.1. This is the lowest level since last December. The index is seen as a good barometer of near-term spending plans.
The number of consumers saying conditions are "good" dropped to 26.5% in November from 27.9% in October. Those claiming conditions are "bad" remained steady at 16.8%.
The assessment of the labor market was less favorable than last month. Those saying jobs are "hard to get" rose to 22.4% from 21.8% in October.
The expectations index slipped to 89.2 in November from 91.9 in October.
Inflation expectations fell in November. The outlook for inflation in 12 months declined to 4.7 in November from 4.9% in October. This is the lowest level this year.
----------------------
ECONOMIC REPORT: Existing-home sales rise first time since Feb.
By Rex Nutting, MarketWatch Last Update: 10:01 AM ET Nov 28, 2006
WASHINGTON (MarketWatch) - Sales of existing U.S. homes rose 0.5% to a seasonally adjusted annual rate of 6.24 million in October, the first increase since February, the National Association of Realtors reported Tuesday.
Economists were expecting sales to fall to 6.15 million annualized, according to a survey conducted by MarketWatch.
September's sales were revised higher to 6.21 million from 6.18 million initially reported.
Sales are down 11.5% in the past year.
"As expected, existing-home sales appear to be stabilizing, fingers and toes crossed," said David Lereah, chief economist for the realtors' industry group.
Median sales prices fell a record 3.5% year-over-year, the third decline in a row. Prices had never fallen three months in a row since 1968, when the realtors began collecting data.
Falling prices are "a good thing," Lereah said.
Inventories of unsold homes increased 1.9% to 3.854 million, representing a 7.4-month supply at the October sales rate. It's the largest months' supply since April 1993.
Lereah said the rise in inventories in October was untroubling, since it reflected seasonal factors.
"Inventories have stabilized," he said.
"It's a positive for the economy," Lereah said. "I see some positive signs," pointing to lower mortgage rates and rising levels of mortgage applications.
Regionally, sales rose 6.4% in the West, were unchanged in the Midwest, and fell 2.9% in the Northeast and fell 1.2% in the South.
Sales of single-family homes rose 1.3% to 5.5 million. Sales of single-family homes are down 11% in the past year. Median sales prices fell 3.4% year-over-year to $221,300.
Sales of condos dropped 4.8% to 778,000. Median sales prices are down 5.3% in the past year to $214,300.