Market Diary (06-23-2009): Existing Home Sales Take Back Seat to Tomorrow’s Fed Announcement
June 24th, 2009
Real Estate: Existing home sales rose 2.4% to 4.77mm vs. consensus estimates @ 4.85mm. The report featured a few positive highlights. One was the drop in supply inventories down to 9.6months vs. 10.1 months in April 2009. The other were prices which actually rose 3.8% in the month to a median $173k. However, the fly in the ointment was the year-over-year decline @ -16.8%. A third positive note is the fact that the number of distressed sales declined to @ a third compared to half in previous months. Related securities: XHB; HD; LOW
Global Economy: Europe and the U.S. are once again accusing China of unfair trade restrictions. This accusation is not new news, but worth keeping on the radar.
Tuesday’s economic data took a back seat to tomorrow’s Fed Annoucement. No further comments or notes for Tuesday…
Hillbent Economic Monitor
| Economic & Market Indicators |
Time Period |
Reported #s |
| Economic Bellweathers |
||
| Leading Indicators | May 2009 | +1.2% |
| S&P 500 Index |
MTD % Chg |
895.1 (-2.62%) |
| M2 Money Supply | June-06-2009 | $8353.8bn |
| Fed Funds Target Rate | Daily | 25 bps |
| Ted Spread | Daily | 41 bps |
| 2 -10 Yr Yld Curve Spread | Daily | 248 bps |
| Avg Workweek | May 2009 | 33.1 Hours |
| Industrial Production | May 2009 | -1.1% |
| Total Capacity Utilization | May 2009 | 68.3 |
| Purchasing Mgrs Index | May 2009 | 42.8 |
| Copper Futures Index | MTD % Chg |
221.20 (+0.66%) |
| Baltic Dry Index | MTD % Chg | 3874 (+10.88%) |
| Real GDP (Revised) |
Q1 2009 |
-5.7% |
| Trade Deficit |
April 2009 |
-$29.2bn |
| Consumer Bellweathers | ||
| Unemployment Rate |
May 2009 |
@ 9.4% |
| Initial Jobless Claims |
June-13-2009 | 608k |
| Continuing Jobless Claims |
June-13-2009 | 6.687mm |
| Avg Time Unemployed | April 2009 | 21.4 weeks |
| Consumer Confidence |
May 2009 |
54.9 |
| Consumer Spending |
14 Day Avg |
$62 (+1) |
| Personal Savings Rate | April 2009 | @ 5.7% |
| Consumer Credit |
April 2009 | -$15.7bn |
| U.S. Dollar Index |
MTD % Chg | 79.84 (+0.63%) |
| U.S. Gasoline Fund | MTD % Chg | 32.53 (+1.12%) |
| Inflation Bellweathers | ||
| 10 Yr - TIP Spread | Daily | 243 bps |
| CRB Index | MTD % Chg | 249.80 (-1.28%) |
| Producer Prices |
May 2009 |
-5.0% |
| Consumer Prices |
May 2009 |
-1.3% |
| Est. Population | May 2009 | 306.749mm |
| Real Estate Bellweathers |
||
| S&P/Case-Shiller 20 Index |
May 2009 | 139.99 (-19.1%) |
| Housing Starts |
May 2009 |
532k |
| Pending Home Sales |
March 2009 | 84.6 (+3.2%) |
| Existing Home Sales |
May 2009 |
4.77mm |
| New Home Sales | April 2009 | 352k |
| DJ Real Estate Index | MTD % Chg | 120.88 (-7.61%) |
| DJ Home Construction Index |
MTD % Chg | 206.42 (-5.51%) |
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