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Daily Market MoversThe following news stories, economic reports, and statistical tables are selected and compiled by founder John F. Gallwas, who has been an active participant in the financial service industry since January of 1958.
TuesdayMW: December Existing Home Sales were worse than expected at -6.4% to 4.999M and the lowest reading since November of 2015. The median house price fell to $253,600 from $257,300 in November and $246,500 a year earlier. The months' worth of supply went down to 3.7 from 3.9. For all of 2018, existing home sales declined 3.1%, the worst since 2015. .
Gallup: Americans' outlook for the economy has soured in the past two months, with 48% now saying economic conditions are worsening -- up from 45% in December and 36% in November. Meanwhile, Americans remain positive about the availability of quality jobs and are still split on whether the economy is in overall good shape.
BB: President Xi Jinping stressed the need to maintain political stability in an unusual meeting of China’s top leaders -- a fresh sign the ruling party is growing concerned about the social implications of the slowing economy.
MondayBB: The International Monetary Fund cut its forecast for the world economy, predicting it will grow at the weakest pace in three years in 2019 and warning fresh trade tensions would spell further trouble.
WS; With a +6.4% 4th Q , China's 2018 GDP slid to +6.6%, slowest pace in nearly three decades as a bruising trade fight with the U.S. exacerbated weakness in the world’s second-largest economy. The official jobless rate ticked up to 4.9% last month from 4.8% in November.
SundayBB: China has offered to go on a six-year buying spree to ramp up imports from the U.S., in a move that would reconfigure the relationship between the world’s two largest economies, according to officials familiar with the negotiations.
MW: The January Michigan Consumer Sentiment index was lower than expected at 90.7 vs 98.3 in December. "The loss was due to a host of issues including the partial government shutdown, the impact of tariffs, instabilities in financial markets, the global slowdown, and the lack of clarity about monetary policies," said Richard Curtin, chief economist for the survey.
MW: The Philadelphia Fed manufacturing index in January rose more than expected to a seasonally adjusted reading of 17 from 9.1 in the prior month. Below the headline, the new orders index rose 8 points to 21.3, its highest reading in six months. The shipments index fell 1 point to 11.4.
Economic Reports for the Week ending Friday January 25 2019
We do not guarantee accuracy of any of the data on this page. If you have any comments or suggestions, please contact William Gallwas or call 800-669-8838
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