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Pending Home Sales Surprises to the Upside

An upward surprise in this morning’s pending home sales data  helped to restore some sentiment to the market after a disappointing personal income release.  Pending home sales were up 3.6% in June, compared to a consensus forecast of 0.7%.  This was the 5th consecutive month of gains.  Pending home sales were up in all four […]

Retail Sales Jump, but the Story is in the Details…

Retail sales jumped 0.9% last month on the back of higher gasoline prices and increased automobile purchases. Automobile sales were mostly catalyzed by bigger incentives to clear inventories. But, factoring out these components retail sales would have actually declined for the 4th consecutive month. Therefore, despite what appears to be a significant increment on the […]

US Economic Week Ahead: The Calm after the Storm

This week’s economic calendar is relatively quiet, especially compared to the hustle and bustle of last week. Monday’s non-manufacturing ISM report starts the week off, followed by Wednesday’s consumer credit report, Thursday’s jobless claims data, and Friday’s US trade statistics and consumer sentiment. The impact of this week’s non-manufacturing ISM report could be somewhat subdued […]

A Blast From the Past… How the Housing Crisis Will End (Revisited)

This piece is simply an updated version to a piece I published back on March 5th 2008 titled ‘How will it end’. Despite the fact we are much deeper into this financial crisis; the root of the problem has not changed, and that is the US housing market. As an interesting exercise consider that in […]