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America’s trade balance improved in November 2019 according to data from the Bureau of Economic Analysis.  The nation’s deficit improved to $43.1 billion from the upwardly revised count of $46.9 billion (originally $47.2 billion).  In short, both sides of the ledger improved for America as imports fell while exports increased. 

Durable Goods Orders declined in November 2019 according to the Census Bureau.  This measure for orders of wares expected to last three years or longer fell 2.0 percent in the month alone.  Year-over-year, the tally is even worse, down 3.8 percent. Ouch!  However, it isn’t as bad as the headline suggests. 

Sales of new homes improved 1.3 percent to 719,000 units on a seasonally adjusted annualized basis in November 2019 according to the Census Bureau.  However, the uptick did require one caveat, a 23,000 unit downward revision to October’s tally to 710,000.  Year-over-year, transactions are up 16.9 percent. 

Before we get the final job report from the Bureau of Labor Statistics (BLS) for last decade (it’ll be out at 5:30 AM in California), let’s look at a survey the New York Federal Reserve does every four months which also sheds light on employment.  Their Survey of Consumer Expectations (SCE) includes questions about job searches, annual income, labor force longevity, and what it

According to the National Association of Realtors, existing home sales suffered a minor setback in November 2019.  Completed transactions fell 1.7 percent. Suffering along with the monthly statistic, the year-over-year tally slowed to just 2.7 percent compared to 4.6 percent as recently as October. 

Income and outlays improved in November 2019 according to the Bureau of Economic Analysis.  The headline count for income gained 0.5 percent.  Similarly, disposable income (after-tax income) was also up 0.5 percent.  Further, inflation adjusted income gained 0.4 percent.  No matter how you dice it, Americans had more money to spend.  And their spending increased. 

Retail sales improved in November 2019 according to the Census Bureau.  This 0.2 percent gain to $528.0 billion is on the heels of October’s upwardly revised uptick of 0.4 percent.  Versus a year ago, sales are up $17.1 billion or 3.3 percent. There was plenty of good news in the release, but as you’ll see later, one dark lining to this silver cloud.