Monthly Archives: September 2012

August Residential Construction, Existing Home Sales, Sept. Mortgage Apps

Housing Continues to Strengthen, Small Counterweight to Global Gloom Housing Starts for August increased by 2.3 percent to a 750,000 unit annual rate, despite bad weather. August Permits for new residential construction decreased by 1.0 percent to an 803,000 unit … Continue reading

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Comerica Economic Weekly

Yesterday, the Federal Open Market Committee voted to launch a new round of quantitative easing and to extend their forward guidance for the fed funds rate. The Fed will purchase additional agency mortgage-backed securities, at a pace of $40 billion … Continue reading

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August Retail Sales, CPI, IP/CU, Sept. Sentiment, July Biz Inventories

Energy and Weather Dominate Data on the First Day of Open-Ended QE August Retail Sales increased by 0.9 percent, boosted by higher gasoline prices. Ex-auto Retail Sales gained 0.8 percent. Motor vehicles and parts sales increased by 1.3 percent. The … Continue reading

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U.S. Consumers Muscle Through Q3 as Global Policy Spigots Open

When the going gets tough, the tough go shopping. And that appears to be happening in Q3, following a weak Q2. Second quarter real GDP growth registered a disappointing 1.7 percent annualized growth rate, matched by tepid consumer spending, which … Continue reading

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FOMC Policy Announcement, August Producer Prices, Sept. UI Claims

FOMC Launches QE3, Extends Funds Rate Guidance  In today’s FOMC press release, the Federal Reserve announced a new plan for quantitative easing. The FOMC also extended its existing guidance about the near-zero fed funds rate to mid-2015. The FOMC stated … Continue reading

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U.S. Consumers Muscle Through Q3 as Global Policy Spigots Open

When the going gets tough, the tough go shopping. And that appears to be happening in Q3, following a weak Q2. Second quarter real GDP growth registered a disappointing 1.7 percent annualized growth rate, matched by tepid consumer spending, which … Continue reading

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FOMC Policy Announcement, August Producer Prices, Sept. UI Claims

FOMC Launches QE3, Extends Funds Rate Guidance •    In today’s FOMC press release, the Federal Reserve announced a new plan for quantitative easing. •    The FOMC also extended its existing guidance about the near-zero fed funds rate to mid-2015. •   … Continue reading

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Auto Affordability Improves in Second Quarter

The purchase and financing of an average-priced new vehicle took 22.9 weeks of median family income in the second quarter of 2012, according to Comerica Bank’s Auto Affordability Index. Consumers on average spent roughly the same amount on new cars … Continue reading

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Comerica Economic Weekly

After increasing in July, job growth in August fell back closer to the weak Q2 average. The official Bureau of Labor Statistics job report for August showed a less-than-expected gain of 96,000 jobs. The disappointing numbers for August, which include … Continue reading

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August U.S. Employment

Weaker-Than-Expected Jobs Report Green Lights Fed Action Next Week The August Payroll Employment Survey showed a weaker-than-expected gain of just 96,000 jobs. The Unemployment Rate for August fell to 8.1 percent as the labor force shrank by 368,000. The Average … Continue reading

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