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December 29, 2008 By Jamie Dlugosch, Contributing Editor, InvestorPlace |
Jamie Dlugosch
Jamie is the editor of Penny Stock Winners. He has over 20 years of experience in financial markets including investment banking, equity analysis and research and money management. In addition to being the Editor of Penny Stock Winners, he is also a Contributing Editor of InvestorPlace.com and founder and editor of The Rational Investor.
Economic news this past week offered small measures of hope mixed in with general affirmation of the sorry state of the U.S. and global economies.
Orders for durable goods declined less than expected, and the Michigan Sentiment Report was revised upwards a slight amount to give some observers hope that the economy may be ready to start a rebound.
On the negative side, existing and new home sales both reflected less activity than expected, as the lack of available credit offset the decline in home prices. As a result, a high number of pending sales were delayed or canceled while homebuyers searched for financing options which would allow them to close on their purchase.
Additional negative news was reported with the release of data on new jobless claims and personal income, both of which came in at levels worse than those which had been forecast.
Economic releases this past week include the following:
| Report | Actual | Forecast | Prior |
| GDP (3rd Q) | -0.5% | -0.5% | -0.5% |
| Existing Home Sales | 4.49M | 4.95M | 4.91M |
| Michigan Sentiment (Rev) | 60.1 | 59.8 | 59.1 |
| New Home Sales | 407K | 415K | 419K |
| Durable Orders | -1.0% | -3.5% | -8.4% |
| Initial Jobless Claims | 586K | 545K | 556K |
| Personal Income | -0.2% | 0.1% | 0.1% |
| Personal Spending | -0.6% | -0.8% | -1.0% |
Reports due for the holiday shortened next week are minimal, highlighted by the report on consumer confidence which is forecast at 46 compared to the previous month 46, and the initial jobless claims which are preliminarily forecast at 586,000.
This article was written by Jamie Dlugosch, contributor to InvestorPlace.com. For more actionable insight like this, go to: www.InvestorPlace.com. James F. Dlugosch contributed to this article.
