Noting that “the economy has worsened in recent months,” Federal Reserve Chairman Ben Bernanke told Congress on February 14 that “the Fed will act in a timely manner as needed to support growth and to provide adequate insurance against downside risks.” He voiced hope that economic growth will improve later this year.
Consumers did their part for the economy as January retail sales rose 0.3%, surprising analysts who had expected a 0.3% decline. The gain followed a dismal 0.4% decline in December. January auto sales increased 0.6%, the best showing since a 0.7% rise in September. The U.S. trade deficit also improved, trimming down from $63.1 billion in November to $58.8 billion in December. For all of 2007, the trade gap fell by $46.9 billion to $711.6 billion, a 6.2% decline from the record set in 2006 and the largest annual percentage shrinkage since 1991.
In the last three months of 2007, the national median price of a U.S. home dropped 5.8%, from $219,300 to $206,200, the steepest slide ever recorded by the National Association of REALTORS®, which has been compiling the housing data since 1979. Each of the four U.S. regions recorded losses compared with the fourth quarter of 2006. The West fell 8.7%, while prices dropped 4.8% in the Northeast, 5.4% in the South and 3.2% in the Midwest.
New weekly claims for unemployment benefits fell 9,000 to 348,000, about even with analysts’ estimates, the Labor Department reported February 14.
Mortgage applications dipped for the week ending February 8, according to the Mortgage Bankers Association’s weekly survey, released February 14. Refinances decreased to 67.4% of total applications from 69.2% the previous week.
Economic reports on consumer inflation, housing starts and builder permits. Economic data compiled from government reports and news services Bloomberg.com, msnbc.com, cnbc.com, cnn.money.com and Yahoo Economic Calendar.
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Michael, Thank you for taking the time to read my post... I don't know about you but I am always looking to see if my friends are still there, looking after me, and take great comfort in seeing you coming around.
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