Daily News 11/26/14

November 26, 2014

Wednesday – November 26

There was a cornucopia of economic data that hit the wires this morning that covered a broad base of the U.S. economy. The Commerce Department reported that New Home Sales in October rose by 0.7% from September to an annual rate of 458,000 units. September was revised lower to 455,000 from 467,000 signaling that the housing recovery remains gradual. Despite the big positive turnaround in the job growth, wages have not kept pace this year, which is an obstacle for the housing sector. The median sales price rose by nearly 16% from a year ago to $305,000.

The final reading for Consumer Sentiment in November hit its highest level in more than seven years due to an improving economic environment, a rosier job market along with lower prices at the gas pumps. The Index rose to 88.8 from the 86.9 recorded in October, but just below the 90.0 that was expected. Americans’ view of their personal finances also rose during the month.

Americans filing for first time unemployment benefits unexpectedly rose in the latest week to 313,000, up from the 292,000 in the previous week and above the 288,000 that was expected. It was the highest level since September, though the trend supports a firming jobs market. The four week moving average of claims, which irons out seasonal abnormalities, rose by 6,250 to 294,000. However, there are still 18 million people who want a full time job, but say they can’t find one.