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  • Wed, Mar 7 2018
  • 3:47 PM » Fed's Beige Book: "Modest to moderate" expansion, "worker shortages across most sectors"
    Published Wed, Mar 07 2018 3:47 PM by Calculated Risk Blog
    Fed's Beige Book "This report was prepared at the Federal Reserve Bank of San Francisco based on information collected on or before February 26, 2018. " Economic activity expanded at a modest to moderate pace across the 12 Federal Reserve Districts in January and February. Consumer spending was mixed, as non-auto retail sales increased in just over half of the Districts while auto sales declined or were flat in every District. Tourism activity was broadly solid, with Atlanta and Richmond recording robust growth in this sector. On balance, Districts reported modest growth in home sales and construction, with the latter constrained by shortages of labor and materials . Conditions in the nonresidential real estate market improved moderately since the previous report, with robust construction activity noted in three Districts. Commercial rents in and around New York City were up significantly, according to contacts in the area. Increases in production were broad based across manufacturing sectors, with all but one District noting at least modest growth in activity. Loan volumes were generally flat, with a handful of Districts noting a modest decrease in delinquency rates. Among reporting Districts, agricultural sector activity was mixed but flat overall. Contacts in natural resource sectors saw modestly improving industry conditions, except in the Minneapolis District, where energy and mining activity was robust. ... On balance, employment grew at a moderate pace since the previous report . Across the country, contacts observed persistent labor market tightness and brisk demand for qualified workers, as well as increased activity at staffing placement services. Several Districts reported continued worker shortages across most sectors, with contacts often mentioning shortages in the construction, information technology, and manufacturing sectors. In many Districts, wage growth picked up to a moderate pace. Most Districts saw employers raise wages and expand...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 3:47 PM » CFPB seeks comment on rulemaking processes
    Published Wed, Mar 07 2018 3:47 PM by
    The CFPB has issued a request for information that seeks comment on its rulemaking processes. Comments on the RFI must be received no later than 90 days after it is published in the Federal Register, which the CFPB expects to occur on March 9, 2018. The RFI begins with a review of the statutory requirements... Continue Reading
    Click Here to Read the Full Article

  • 2:46 PM » Wall Street losses deepen as trade war fears mount
    Published Wed, Mar 07 2018 2:46 PM by Reuters
    (Reuters) - Wall Street's main indexes fell on Wednesday as U.S. President Donald Trump looked set to impose steep tariffs on imported steel and aluminum this week, a move that could spiral into a global trade war.
  • 2:45 PM » Trump Expected to Sign Steel and Aluminum Tariffs on Thursday
    Published Wed, Mar 07 2018 2:45 PM by
    Advisers to President Trump emphasized the timing of the move could change, and the tariffs wouldn't go into effect until after a two-week implementation period.
    Click Here to Read the Full Article

  • 2:45 PM » Bank of America's two charts that show the bond bloodbath is coming to an end
    Published Wed, Mar 07 2018 2:45 PM by CNBC
    A chorus of analysts has called the end of the 30-year bond bull market. Not so fast, says one trader.
  • 11:37 AM » U.S. Energy Secretary Rick Perry says unsure if Trump's views on tariffs are final
    Published Wed, Mar 07 2018 11:37 AM by Reuters
    HOUSTON (Reuters) - U.S. Energy Secretary Rick Perry said on Wednesday that he is "not sure" President Trump has finished making up his mind on levying tariffs on imported steel and aluminum.
  • 11:12 AM » Las Vegas Real Estate in February: Sales Down 4% YoY, Inventory down 31%
    Published Wed, Mar 07 2018 11:12 AM by Calculated Risk Blog
    This is a key distressed market to follow since Las Vegas saw the largest price decline, following the housing bubble, of any of the Case-Shiller composite 20 cities. The Greater Las Vegas Association of Realtors reported Southern Nevada home prices warming up while sales cooling down; GLVAR housing statistics for February 2018 Local home prices rose again in February while sales slowed down amid a shrinking housing supply, according to a report released today by the Greater Las Vegas Association of REALTORS®(GLVAR). ... Meanwhile, the total number of existing local homes, condos and townhomes sold during February fell to 2,704 . Compared to one year ago, February sales were down 5.4 percent for homes, but up 1.8 percent for condos and townhomes. "Our shrinking housing supply may finally be catching up to us and slowing down our home sales," said 2018 GLVAR President Chris Bishop, a longtime local REALTOR®. "Sales have continued to go up over the last few years, even as our inventory has been going down. But with fewer homes on the market each month, it seems like it was only a matter of time before it started to affect sales." He said Southern Nevada still has less than a two-month supply of existing homes available for sale when a six-month supply is considered a balanced market. By the end of February, GLVAR reported 3,653 single-family homes listed for sale without any sort of offer. That's down 34.3 percent from one year ago. For condos and townhomes, the 679 properties listed without offers in February represented a 10.4 percent drop from one year ago . The inventory of condos and townhomes listed for sale is as low as it has been since 2004, Bishop added. ... GLVAR reported that 32.4 percent of all local properties sold in February were purchased with cash, compared to 31.4 percent one year ago. That's well below the February 2013 peak of 59.5 percent, indicating that cash buyers and investors are still active, but...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:54 AM » A Majority of Home Buyers Don't Expect Availability to Improve in 2018
    Published Wed, Mar 07 2018 10:54 AM by
    NAHB regularly conducts national polls of American adults and home buyers in order to understand new trends and preferences in the housing market. This is the sixth (and final) in a series of posts highlighting poll results, as presented during the 2018 International Builders' Show in Orlando, FL. See previous posts on tiny homes, driverless cars, time searching for a home,... Read More ›
    Click Here to Read the Full Article

  • 10:00 AM » 57% of LA home-buyers last year were willing to buy sight unseen
    Published Wed, Mar 07 2018 10:00 AM by CNBC
    45% of millennials placed an offer without visiting first.
  • 9:37 AM » Trade Deficit at $56.6 Billion in January
    Published Wed, Mar 07 2018 9:37 AM by Calculated Risk Blog
    From the Department of Commerce reported : The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $56.6 billion in January, up $2.7 billion from $53.9 billion in December, revised. ... January exports were $200.9 billion, $2.7 billion less than December exports. January imports were $257.5 billion, down less than $0.1 billion from December imports. Click on graph for larger image. Both exports and imports decreased in January. Exports are 21% above the pre-recession peak and up 5% compared to January 2017; imports are 11% above the pre-recession peak, and up 7% compared to January 2017. In general, trade has been picking up. The second graph shows the U.S. trade deficit, with and without petroleum. The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products. Oil imports averaged $54.76 in January, up from $52.10 in December, and up from $43.94 in January 2016. The petroleum deficit increased in January, and this is the main reason the overall trade deficit increased in January. The trade deficit with China increased to $36.0 billion in January, from $31.3 billion in January 2016.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:14 AM » Atlanta Fed's Bostic says Fed needs to take wait and see approach to possible tariffs
    Published Wed, Mar 07 2018 9:14 AM by Reuters
    FORT LAUDERDALE, Fl. (Reuters) - Atlanta Federal Reserve bank president Raphael Bostic said the central bank needs to take a wait-and-see attitude over the impact of the Trump administration's proposed tariffs.
  • 8:46 AM » U.S. trade deficit jumps to more than nine-year high
    Published Wed, Mar 07 2018 8:46 AM by Reuters
    WASHINGTON, (Reuters) - The U.S. trade deficit increased to a more than nine-year high in January, with the shortfall with China widening sharply, suggesting that President Donald Trump's "America First" trade policies are unlikely to have a material impact on the deficit.
  • 8:46 AM » US fourth-quarter unit labor costs revised higher as productivity stalls
    Published Wed, Mar 07 2018 8:46 AM by CNBC
    U.S. unit labor costs increased faster than initially thought in the fourth quarter amid weak worker productivity.
  • 8:46 AM » Housing Confidence Falls, Remains Volatile | Fannie Mae
    Published Wed, Mar 07 2018 8:46 AM by Fannie Mae
    News Release. Share This: March 07, 2018. Housing Confidence Falls, Remains Volatile. Matthew Classick. 202-752-3662. ...
  • 8:29 AM » Jobs market adds another 235,000 positions in February: ADP/Moody's
    Published Wed, Mar 07 2018 8:29 AM by CNBC
    Private payrolls rose by another 235,000 positions in February, according to a report Wednesday from ADP and Moody's Analytics.
  • 8:29 AM » Commerce Secretary Wilbur Ross: 'We're not trying to blow up the world' with trade tariffs
    Published Wed, Mar 07 2018 8:29 AM by CNBC
    Commerce Secretary Wilbur Ross spoke Wednesday in an interview with CNBC's "Squawk Box."
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