Weekly Economic Summary — iQUANT.pro

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For the week ending December 27, 2024

Please see the summary of last week's economic indicator outcomes below (grouped by indicator type):

Consumer Confidence and Sales

  • Consumer Confidence (Dec.): Fell to 104.7 from the previous 112.8, below the forecast of 113.0.

  • New Home Sales (Nov.): Increased to 664,000, missing the forecast of 675,000 but above the prior 627,000.

Durable Goods Orders

  • Durable-Goods Orders (Nov.): Declined by -1.1%, significantly below the forecasted 0.3% and prior 0.8%.

  • Durable-Goods Orders Excluding Transportation (Nov.): Slight decrease of -0.1%, compared to a previous gain of 0.2%.

Labor Market

  • Initial Jobless Claims (Dec. 21): Reported at 219,000, better than the forecast of 225,000 and slightly down from 220,000 previously.

Trade and Inventory Data

  • Advanced U.S. Trade Balance in Goods (Nov.): Widened to a deficit of $102.9B compared to the prior -$98.3B.

  • Advanced Retail Inventories (Nov.): Rose by 0.3%, slightly higher than the previous 0.2%.

  • Advanced Wholesale Inventories (Nov.): Increased by 0.2%, up from the prior 0.1%.

In a nutshell…

This week’s economic reports showed both good and bad news. Consumer confidence dropped more than expected, and new home sales increased but didn’t meet predictions. Orders for durable goods, like appliances and cars, fell, even when excluding transportation items. On the bright side, fewer people filed for unemployment than expected, and inventories for retail and wholesale businesses grew slightly. The trade deficit grew, meaning the country imported more than it exported.

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