If Good News is Recorded and Not Reported Did It Really Happen?
Thankfully Strong New Home Sales Data, Upward Revision to GDP
This week was a short week for receiving government data, The weekly unemployment data that is normally released on Thursday was released on Wednesday with the GDP data. We received strong new construction data last week and even stronger new home sales data this week.
(Nov. 26) The New Home Sales data was so good that it was virtually ignored. The September data was revised so much higher from its advance value that is made the October data look "weak" even though we had the most October New Home Sales since October 2007. "New Home Sales Up 32.56% from last October " explains that sales were up from last October's 43,000 to 57,000 units this October.
(Nov. 27) This was the 246th consecutive week with Seasonally Adjusted First-time Unemployment Claims reported under 300,000 claims. Crickets. This was the 136th consecutive Week with the seasonally adjusted continuing claims under 2 million claims. Crickets. "Weekly Unemployment claims: Up is Down" explains the situation.
(Nov. 27) Last month we received the "advance" Third Quarter GDP data for 2019. It was a "disappointment" because it came in at an annualized rate of 1.9%. This month we received the "preliminary GDP." "Third Quarter GDP revised up to 2.1%" examines the changes in the Personal Consumption Expenditures, the Gross Private Domestic Investments, the changes in imports and exports, and the changes in Government Consumption Expenditures. The third quarter data was revised enough to pull up the same quarter GDP, too.
We have many things for which to be thankful. Excellent food, good health, family, and a strong economy are just some of the things for which to be thankful. Enjoy the rest of your Thanksgiving weekend.
It's the Economy.
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