U.S. Real Estate Market And GDP Stood Fast, Personal Income And Confidence Index Fell

The U.S. real estate market continued to be demonstrating in October. New home sales hit 999,000 last month compared to a consensus of 975,000 and almost the same figure as in September (1 million).

Meanwhile a mixed image of the economy in the country was revealed by the several U.S. macroeconomic indicators published on Wednesday. First of all the second reading of the U.S. GDP did not come as a surprise, with a strong growth recovery of 33.1% annually, identical to the first reading. Over the period, consumer spending rose by 40.6%, compared to 40.8% consensus and 40.7% for the previous reading.

Consumer confidence also decreased to 76.9 in November, with the final U.S. consumer sentiment index of the University of Michigan rising to 77 in October and against a consensus of 77.2.

Another area of concern was that personal incomes dropped on a month-on-month basis by -0.7 percent in October, compared to a forecast of 0.1 percent and a decline of -0.7 percent in September. However, personal consumer spending continued to grow by 0.5%, compared to a consensus of 0.4%, although it slowed sharply compared to September (-1.2 percent).

The downturn in the labor market was confirmed by a second consecutive weekly rise in weekly unemployment registrations. Registrations reached 778,000 for the week ended November 21, a rise of 30,000 compared to the previous week. The consensus was 730,000.

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Durable goods orders, on the other hand, continued to rise sharply in October, up 1.3 percent month-on-month, compared with 1 percent consensus growth. Orders were also up 1.3 percent compared to a consensus of 0.5 percent, except transport.

Ultimately, the October trade balance of goods decreased to $80.3 billion in October, which was approximately in line with consensus (-$80.2 billion).

These figures highlights that this fall the U.S. economy is slowing down, powered by the end of economic stimulus plan and the rise in cases of coronavirus since the end of September.

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