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Bob Carey
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  US Economy and Credit Markets Ended Nov. 29, 2019
Posted Under: Weekly Market Commentary
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Treasury yields were mixed in a holiday-shortened week. Single-family new home sales data was reported on Tuesday. New home sales declined 0.7% in October but beat consensus expectations. Moderate new home prices and historically low mortgage rates have helped fuel 31.6% growth in new home sales versus this time last year. On Wednesday, real GDP was revised to an annual growth rate of 2.1%, 0.2% higher than consensus estimates due to upward revisions in inventories and business investment in structures. Personal income was unchanged in October, missing consensus expectations of a gain of 0.3%. Personal consumption was up 0.3% in October. In the past year personal income is up 4.4% versus an increase of 3.7% in spending. Meanwhile, private sector wages and income rose 0.4% in October, and are up over 5% in the past year. Major economic reports (related consensus forecasts, prior data) for the upcoming week include: Monday: November Final Markit US Manufacturing PMI (52.2, 52.2), November ISM Manufacturing (49.2, 48.3), November ISM Prices Paid (47.0, 45.5), October Construction Spending MoM (0.4%, 0.5%); Wednesday: November 29 MBA Mortgage Applications (n/a, 1.5%), November ADP Employment Change (140k, 125k), November Final Markit US Services PMI (51.6, 51.6), November Final Markit US Composite PMI (n/a, 51.9), November ISM Non-Manufacturing Index (54.5, 54.7); Thursday: November 30 Initial Jobless Claims (215k, 213k), November 23 Continuing Claims (1661k, 1640k), October Trade Balance (-$48.7b, -$52.5b), October Factory Orders (0.3%, -0.6%), October Final Durable Goods Order (n/a, 0.6%); Friday: November Change in Nonfarm Payrolls (188k, 128k), November Change in Manufacturing Payrolls (40k, -36k), November Unemployment (3.6%, 3.6%).
Posted on Monday, December 2, 2019 @ 8:24 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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