ECONOMIC CALENDAR:Monday: Chicago PMI, Pending Home Sales Index, Dallas Fed Mfg. Survey Tuesday: Motor Vehicle Sales, PMI Manufacturing Index, ISM Mfg. Index, Construction Spending Wednesday: ADP Employment Report, Productivity and Costs, EIA Petroleum Status Report, Janet Yellen Speaks 12:25 PM ET, Beige Book Thursday: Jobless Claims, Janet Yellen Speaks 10:00 AM ET, Factory Orders, ISM Non-Mfg. Index Friday: Employment Situation, International Trade
- Durable goods jump in October. Orders for long-lasting manufactured goods like autos, airplanes, and appliances, soared 3.0% in October. The increase suggests that demand may be increasing in the last months of the year.
- Consumer confidence declines in November. A measure of American sentiment about the economy unexpectedly fell in November as Americans became concerned about their job prospects.
- New home sales soar. Sales of newly constructed homes skyrocketed by 10.7% in October, and inventories rose to the highest level in 2010. The increased activity could blunt concerns about a slowing housing market.
- Mortgage applications fall as rates increase. A rise in mortgage rates over the last month caused application volume to drop 3.2% last week. However, applications are still up 4.0% over the same period last year.
Quote of the Week
“Failure is success if we learn from it.” – Malcolm Forbes