This week of economic data includes retail sales, NAHB’s housing market index, housing starts, jobless claims, and existing home sales. The housing market index which rates the economy and the housing market conditions is expected to rise for the sixth straight month. The index currently stands at a five-year high.
This week’s jobless claims will help clear up the allegations
that last week’s surprising data (claims dropping to a four year low) was skewed
as applications from California may have been omitted from the report.
September’s retail sales data was released today showing an increase of 1.1%. The bulk of the increase was from auto sales, gasoline, and building material. This data indicates that consumers helped with economicgrowth in the third quarter. Consumer spending is an important piece of data as it accounts for roughly two-thirds of the economy.
Last week Friday’s consumer sentiment survey showed that U.S.
consumers are feeling better about the current economic situation as well as the
attitudes for the economic conditions up ahead. The consumer sentiment index
rose to the highest reading since 2007.
Senior Loan Officer
1st Advantage Mortgage, a Draper and Kramer company