Census Bureau

Here is another indicator delayed by the lapse in federal funding a couple of months ago.  However, the Census Bureau is confident the information collected was adequate to produce the report.  They went so far as to disclose at the top of the report that “…coverage rates were at or above normal levels for this release.”  So here we go!

In yesterday’s note (click here to review) we examined the Census Bureau’s data on Retail Sales.  In short, they were weak.  The headline tally declined 1.2 percent (the largest drop in nine years), and minus signs accompanied most of the components. 

In yesterday’s note (click here to review) we examined the Census Bureau’s data on Retail Sales.  In short, they were weak.  The headline tally declined 1.2 percent (the largest drop in nine years), and minus signs accompanied most of the components. 

Americans consume a lot.  So much so that just one economic indicator represents roughly two-thirds of our nation’s output: retail sales.  Unfortunately for the economy, the Census Bureau’s December 2018 iteration of this indicator was weak.  While adjusted for seasonality but not prices, receipts were down 1.2 percent as last year ended.

Sales of new homes continued falling in October 2018 according to the Census Bureau.  Sales of new single-family houses dropped 53,000 to 544,000 on a seasonally adjusted annualized basis.  This is 8.9 percent less than in September and 12.0 percent below the October 2017 figure of 618,000.

Sales of new homes rose in August 2018 according to the Census Bureau.  On an annualized basis, transactions reached 629,000 units, up 3.5 percent compared to July which was revised lower to 608,000 from 627,000.  Despite a couple of week months, the level of sales is 12.7 percent higher from a year ago. 

Durable goods orders were strong in June 2018 according to data from the Census Bureau.  This indicator measuring wares expected to last three years or longer rose 1.0 percent to end the first half of the year.  This monthly uptick was a welcome reversal from the prior two periods which encountered shrinking orders.