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U.S. Home Sales, Leading Indicators Index Show Expansion Gaining Momentum

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U.S. Home Sales, Leading Indicators Index Show Expansion Gaining Momentum

Source: Bloomberg | January 20, 2011

Sales of previously owned U.S. homes and the index of leading indicators exceeded forecasts, signs the expansion is gaining momentum at the start of 2011. Purchases of existing houses jumped 12 percent in December to a 5.28 million annual rate, the National Association of Realtors said. The New York-based Conference Board's gauge of the economic outlook for the next three to six months rose 1 percent. Claims for unemployment benefits fell by 37,000 last week, according to the Labor Department. "Manufacturing is on solid footing, the housing market is nearing a bottom and the labor market is slowly healing," said Ryan Sweet, a senior economist at Moody's Analytics Inc. "The economy is still heading in the right direction. It seems to be gathering some steam but we have a long ways to go." [Read this article]

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