Stock

“Chemical Activity Barometer Rises in September”

Note: This appears to be a leading indicator for industrial production. From the American Chemistry Council: Chemical Activity Barometer Rises in September The Chemical Activity Barometer (CAB), a leading economic indicator created by the American Chemistry Council (ACC), was up 0.1 percent in September on a three-month moving average (3MMA) basis following a 0.1 percent […]

Stock

Zillow Case-Shiller Forecast: Slower YoY Price Gains in August compared to July

The Case-Shiller house price indexes for July were released yesterday. Zillow forecasts Case-Shiller a month early, and I like to check the Zillow forecasts since they have been pretty close. From Matthew Speakman at Zillow: July Case-Shiller Results and August Forecast: Summer Turning Point? Annual home price growth continued to cool in July, but more-recent […]

Stock

A few Comments on August New Home Sales

New home sales for August were reported at 713,000 on a seasonally adjusted annual rate basis (SAAR). Sales for the previous three months were revised up, combined. Sales for June were revised up to a new cycle high. Annual sales in 2019 should be the best year for new home sales since 2007. Earlier: New […]

Stock

MBA: Mortgage Applications Decreased in Latest Weekly Survey

From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey Mortgage applications decreased 10.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 20, 2019. … The Refinance Index decreased 15 percent from the previous week and was 104 percent […]

Tax

Will we make the same mistake twice?

By any conceivable measure Boris Johnson is a failure. He lost a by-election days after becoming prime minister. He lost his first six parliamentary votes. He lost his majority. He lied to the Queen. The Supreme Court has had to unanimously tell him that was the case. He has made no progress with Brexit. There […]

Tax

Things ain’t what they used to be

It is a reflection of my age that one of the first records I can ever recall is ‘Things ain’t what they used to be’ sung by Max Bygraves. You can question my father’s musical taste in buying the record. You can also be sure that this one fact indicated that he was a small […]

Stock

Why stocks can shrug off higher rates

Last week stocks edged higher: The S&P 500 rose approximately 1%, while small caps and value stocks had a particularly good week. A stronger stock market is no longer news, but what was interesting was that stocks rose even as interest rates surged higher. If lower rates have supported the rally, why did higher rates […]