Monthly Archives: December 2015

November Home Sales, Income/Spending, Durable Goods and Q3 GDP

Home Sales Slump on Mortgage Processing Personal Income increased by 0.3 percent in November. Consumer Spending also gained 0.3 percent. New Home Sales for November increased by 4.3 percent to a 490,000 unit annual rate. Existing Home Sales for November … Continue reading

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Comerica Economic Weekly

On Wednesday, the Federal Open Market Committee voted unanimously to increase the fed funds rate to a range of 25 to 50 basis points, launching a new monetary tightening cycle. This was exactly as expected and financial markets appear to … Continue reading

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FOMC Policy Announcement

Fed Does the Expected and Raises the Fed Funds Rate The Federal Open Market Committee voted to raise the fed funds rate to a range of 25 to 50 bps. Forward Guidance emphasizes a gradual approach to future rate hikes … Continue reading

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November Residential Construction, Industrial Production

Stronger Construction and Weaker Production Numbers Launch Fed Day November Housing Starts increased by 10.5 percent to a 1,173,000 unit annual rate. Permits for new residential construction increased by 11.0 percent to a 1,289,000 unit pace. Industrial Production fell by … Continue reading

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Comerica Economic Weekly

Economic data leading up to the Federal Open Market Committee meeting of next week was within expected ranges. The most significant data point of the week was the price of oil, which has now dropped to about $36 per barrel … Continue reading

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December 2015, Comerica U.S. Economic Update

Janet Yellen’s speech of September 24 articulated her views on inflation, concluding that below-2-percent inflation was attributable to special factors that would prove transitory. We assume that she still has that view. Even with oil prices now below $40 per … Continue reading

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Comerica Economic Weekly

U.S. payroll job growth for November was a little stronger than expected, coming in at 211,000 net new jobs. The unemployment was unchanged at 5.0 percent and average hourly earnings ticked up by 0.2 percent for the month. The solid … Continue reading

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November U.S. Employment, October International Trade

Solid Jobs Report Starts Countdown to Interest Rate Liftoff November Payroll Employment increased by 211,000 jobs, a little above consensus expectations. October and September payroll levels were revised up by a total of 35,000 jobs. The Unemployment Rate for November … Continue reading

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November ISM Non-Manufacturing, UI Claims, Fedspeak and ECB

Nuanced Data, More Manifestations of the Desynchronization of Global Monetary Policy The ISM Non-Manufacturing Index for November decreased more than expected to 55.9 percent. Initial Claims for Unemployment Insurance gained 9,000 to hit 269,000 for the week ending Nov. 27. … Continue reading

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Comerica Bank’s California Index Eases with Tech Stocks

Comerica Bank’s California Economic Activity Index declined in September, decreasing 0.2 percentage points to a level of 119.4. September’s reading is 35 points, or 42 percent, above the index cyclical low of 84.1. The index averaged 113.7 points for all … Continue reading

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