REIT - Macro: Thanksgiving Week Releases
2023-11-27 03:50:00 ET
Summary
- The Chicago Fed Activities Index shows an expected drop in October versus strong September. We are near concerning levels, which would be below -.5.
- Existing home sales are down again and inventory is up. Many home owners are locked into their home because of the large difference between their existing mortgage and current market rates.
- Unemployment claims was the best number of the week. Less people fired leading into the holidays and less people continuing to claim benefits, which is an indication that there was some net hiring.
Chicago Fed Activities Index
An expected drop in October versus strong September. We are near concerning levels, which would be below -.5.
Fuel Prices
Continuing down.
Existing Home Sales
Sales are down again and inventory is up. This is all about affordability. Many home owners are locked into their home because of the large difference between their existing mortgage and current market rates. Prices need to adjust to match buyers and sellers.
Durable Goods
Like much of the data, October is weak versus September. This data series continues to show growth slowing.
Unemployment Claims
This was the best number of the week. Less people fired leading into the holidays and less people continuing to claim benefits, which is an indication that there was some net hiring. Initial claims dropped from 233,000 to 209,000 and back below the 4-month moving average. Continuing claims is right above the 4-week moving average.
US Flash PMI
Composite unchanged from October, 50.7, slight expansion.
Services at a 4-month high, 50.8 versus 50.6 in October.
Manufacturing at a 3-month low, 49.4, versus 50 in October.
Output at a 3-month low, 50.4, versus 51.2 in October.
Input price inflation eased, while output prices increased.
Japan Flash PMI
Overall slowing to 50 from 50.5.
Weakness in manufacturing down to 46.4 in November from 48.2 in October.
Services was up .1 to 51.7 from 51.6 in October.
Eurozone Flash PMI
A slight uptick in all categories from contractionary levels.
Composite: 47.1, up from 46.5
Services: 48.2, up from 47.8
Manufacturing: 43.8, up from 43.1
Output: 44.3, up from 43.1
Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.
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Macro: Thanksgiving Week Releases