• Case Shiller home price index was up for the 3rd straight month
• New Home Sales were down in September – This industry has mixed data
• Orders for Core Capital Good were up 2%– Big number for the series – This figure excludes aircraft and defense
Economic News
• Consumer Confidence fell in October to 70.6% (it was 73.5%)
• Labor Cost Index was up 4% for the quarter• Consumer Spending in the fourth quarter might be
offset by business spending • ISM Manufacturing Index was sharply up on Monday
– Rose to 55.7 from 52.6 in September– The highest level since April of 2006
Economic news
• Tuesday– Auto and Truck sale Reports
• Wednesday– ISM Services – Press release from FOMC meeting
• Thursday – Productivity
• Output per hour, it has been very strong and almost double the figure in a normal economy
• It is likely that with high productivity numbers will come high profits and therefore an increase in Stock Prices
• Friday– Non Farm Payroll– Average work week (this has not turned up yet)
Numbers to Look For
• S&P dropped 4%, it is down 5.66% from its peak and 2% for the month of October– Financials were down 6.23%– Basic materials were down 7%– Telecommunications were down 1.5%
• This was the best performing sector of last week
• Many economists are worried about the strength of the recovery– However private demand is picking up along with the Global
economy
• CIT group filed for Chapter 11 bankruptcy
Last Week