Morning Report: New Home Sales come in strong 9/24/15

Markets are lower this morning after Caterpillar warned and announced it will cut 5,000 jobs. Bonds and MBS are up.

New Home Sales rose to an annualized 552k in August, which easily beat expectations. While new home sales have more than doubled from their early 2011 lows, we are still well below what could be considered “normalcy.”

Durable Goods orders fell 2% in August, coming in better than estimates. Capital Goods Orders (a proxy for business capital expenditures) fell 0.2% versus expectations of 0.5%.

The Chicago Fed National Activity Index slipped in August from 0.51 to -.41. This index has had one positive reading all year.

Initial Jobless Claims came in at 267k. The Bloomberg Consumer Comfort Index fell to 41.9.

Builder KB Home reported better than expected earnings this morning but disappointed on orders. Orders were up 19% to 2,167 units. Backlog increased 36%. Average selling prices rose 9% to $357.2k from $327k. The stock is down about half a buck on the open.

Holiday retail sales are expected to increase 3.5% – 4% this year, a deceleration from last year’s 5% pace. Given all the somewhat weak data, Q3 and Q4 GDP are looking a little soggy. Yet another excuse for the Fed to stand pat.

21 Responses

  1. What happens when a threesome goes exceptionally right?

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  2. “What happens when a threesome goes exceptionally right?”

    Then everybody wants to come!

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  3. “See if you can spot the sexism in the media.”

    Missed it. I was too busy reading about how the Conservative stabbed another Conservative during a Far Right Threesome. This is what conservatism leads you to, people. Neck stabbings and suicide!

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  4. Men are identified by name while the woman’s name is redacted?

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  5. Because men have rape tools, er, penises.

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  6. “Men are identified by name while the woman’s name is redacted?”

    Correct. Specifically the male victim.

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  7. My guess is because that’s how Gawker reported it originally.

    http://gawker.com/right-wing-threesome-gone-wrong-led-to-mysterious-yale-1731922759?utm_campaign=socialflow_gawker_twitter&utm_source=gawker_twitter&utm_medium=socialflow

    Lowest common denominator reporting.

    Gawker’s justification (they had the information from the original police report):

    “Gawker is redacting the female undergraduate’s name because it has not been previously released in connection with the crime and because we were unable to reach her.”

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    • jnc:

      My guess is because that’s how Gawker reported it originally

      Heh. His response to me: “The woman has not yet been publicly identified. Gawker obtained the police report and redacted her name before publishing.”

      He also said, though he was sure he knew who it was, he had not confirmed the woman’s name with the police. He didn’t mentione whether he tried to do so.

      Kudos to him for at least responding, though.

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  8. “It’s impossible to get decent Chinese takeout in China, Cuban cigars are rationed in Cuba, and that’s all you need to know about communism.” – P.J. O’Rourke

    Hat tip, Ace of Spades.

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  9. @McWing:

    He had three kids in New Zealand. But New Zealand repealed birthright citizenship, so off they go! With no future claim on the spoils of the New Zealand welfare state.

    The welfare state is not compatible with open-arms immigration policies. As at least the folks in New Zealand know!

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  10. Knock me over with a feather.

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  11. Ain’t it truth.

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  12. Who is Kasichs constituency?

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  13. Is this better or worse than turn-out for a Hillary Clinton campaign rally?

    ” Another Climate Prediction Fizzles: DC Climate Rally for Pope shrinks from expected 200,000 people to just ‘hundreds’. ”

    http://www.climatedepot.com/2015/09/24/another-climate-prediction-fizzles-dc-climate-rally-for-pope-shrinks-from-expected-200000-to-just-hundreds/#ixzz3mhqzKv3E

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  14. Did the house run out of hankies?

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  15. Did the house run out of hankies?

    No, bourbon.

    Like

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