- Private construction is little changed as single-family improves but multi-family building declines.
- Nonresidential private construction slips for a second month.
- Public sector construction weakens but highways & street construction improves.
USA| Jan 02 2025
U.S. Construction Spending Holds Steady in November
by:Tom Moeller
|in:Economy in Brief
More Commentaries
USA| Dec 27 2024U.S. Goods Trade Deficit Widens to $102.86 Billion in November
- Larger-than-expected goods trade deficit after October’s narrowing.
- Exports rise 4.4%, the first m/m gain since August.
- Imports rebound 4.5%, the second m/m increase in three months.
USA| Dec 26 2024U.S. Initial Unemployment Claims Edged Down in Most Recent Week
- Initial claims were lower than expected in the week ended December 21.
- Continuing claims rose to the highest level since November 2021.
- The insured unemployment rate rose to 1.3%.
- Confidence weakens to lowest level in three months.
- Present situations measure dips, while expectations fall sharply.
- Inflation expectations are unchanged, but interest rate expectations rise.
by:Tom Moeller
|in:Economy in Brief
- November sales +5.9% (+8.7% y/y) to 664,000 vs. -14.8% (-6.8% y/y) to 627,000 in October.
- Sales up m/m and y/y in the Midwest and South but down m/m and y/y in the Northeast and West.
- Median sales price drops to $402,600, the lowest since Feb. ’22; avg. sales price falls to a 3-month-low $484,800.
- Months' supply of new homes for sale drops to 8.9 mths. from October’s 2-year high.
USA| Dec 23 2024U.S. Durable Goods Orders Decline Sharply in November
- Total orders dragged lower by aircraft; excluding transportation, orders are little changed.
- Core capital goods orders improve.
- Unfilled orders & inventories rise.
by:Tom Moeller
|in:Economy in Brief
- Price index held back by steady goods costs and slower services price rise.
- Real spending growth concentrated in goods.
- Disposable income growth slows.
by:Tom Moeller
|in:Economy in Brief
USA| Dec 20 2024Italian Confidence Erodes in December
Italian consumer confidence edged lower in December as business confidence in manufacturing notch lower as well. Consumer confidence has slipped for three months in a row. But still has a 67-percentile standing on data back to 1997.
The last 12 Months Consumers rate the overall situation over the last 12-months as slightly weaker, falling on balance over three-months and with a 61.2 percentile standing.
Looking ahead- Over the next 12-months- the overall situation has slipped for three months in a row and is net lower over 12-months as well. The expected overall situation has strengthened but lies only in its 23rd percentile, which is quite weak. Expected unemployment conditions are slightly weaker in December and lower on balance over 3-months and 12-months with a 69.3 percentile standing. Household budgets weakened in December but have strengthened on balance over 3-months and 12-months. The standing for the response is in this 77the percentile robust in the face of deteriorating unemployment prospects.
The household situation for the last 12-months improved in December and had improved over the past 3- and 12-months. With a 68-percentile standing. But, looking ahead over the next 12-months, conditions are slightly weaker in November and December than in October and slightly lower on balance over 12-months. The standing on this metric is in its 13th percentile. As firmly as conditions were viewed for households over the last 12-months there is just as much concern about the future spinning that forward.
The prospect for making major purchases is unchanged month-to-month but weaker on balance over 3-months with a midrange standing in December just above its historic median at its 52.5 percentile.
Italy has had stronger ranking confidence reading than many other EMU members, by may not be losing its advantage as its forward-looking metrics are losing purchase.
France| Dec 19 2024French Assessment is Mixed between Manufacturing and Services
Industry climate improves slightly in December while for services the climate situation eroded. But both of the series are in a significant long term down trend from 2021 onward. Between Covid and the Russian invasion of Ukraine, the French economy has been under unrelenting pressure that recently appears to have taken on an even weaker dimension.
Manufacturing Production expectations weakened further in December from November after production expectations weakened in November as well. However, orders and demand show that overall order and foreign orders improved in December compared to November. The price outlook weakened for firms assessing their own pricing prospects but accelerated in evaluating the overall prospects for prices in manufacturing.
In terms of rankings… the rankings on all these categories are substantially below 50, a ranking that marks the historic median for each series. The only exceptions to this are two: foreign orders & demand that have a 68-percentile standing and inventories with a 78-percentile standing. Manufacturing in France is weak and while the industry climate reading moved up in December most components assessing the sector weakened in December.
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