This will be a quick one as markets are moving quickly...

Fannie 3.0s are back to 104-04, mathcing their lows...

- Philly Fed Business Conditions -5.8 vs +5.8 Consensus
- 6 Month Outlook ROSE to 29.2 vs 23.7 previously

- New orders -4.3 vs +4.9 in Dec
- Employment Index -5.2 vs -0.2 in Dec

The January Business Outlook Survey suggests that activity in the region’s manufacturing sector decreased moderately this month. Firms reported decreases in overall activity, new orders, and employment this month. Firms also reported a moderation in price pressures compared with the previous month. The survey’s future activity indexes suggest that firms expect growth over the first six months of 2013.

Good morning, and welcome to a relatively big, unexpected...

- Starts +12.1 pct vs -4.3 in Nov
- +954k unit rate, Highest since June 2008 (consensus 890k)
- Housing Permits 903k, as expected



BUILDING PERMITS
Privately-owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 903,000. This is 0.3 percent (±1.0%)* above the revised November rate of 900,000 and is 28.8 percent (±1.4%) above the December 2011 estimate of 701,000.

Single-family authorizations in December were at a rate of 578,000; this is 1.8 percent (±1.0%) above the revised November figure of 568,000.

Authorizations of units in buildings with five units or more were at a rate of 301,000 in December. An estimated 813,400 housing units were authorized by building permits in 2012. This is 30.3 percent (±1.1%) above the 2011 figure of 624,100.

HOUSING STARTS
Privately-owned housing starts in December were at a seasonally adjusted annual rate of 954,000. This is 12.1 percent (±13.4%)* above the revised November estimate of 851,000 and is 36.9 percent (±22.0%) above the December 2011 rate of 697,000.

Single-family housing starts in December were at a rate of 616,000; this is 8.1 percent (±9.7%)* above the revised November figure of 570,000. The December rate for units in buildings with five units or more was 330,000.

An estimated 780,000 housing units were started in 2012. This is 28.1 percent (±2.6%) above the 2011 figure of 608,800

- Claims 335k vs 365k Consensus
- 4 week average fell to 359.25k vs 366k previously
- Claims lowest since jan 2008, 37k drop biggest since Feb 2010

In the week ending January 12, the advance figure for seasonally adjusted initial claims was 335,000, a decrease of 37,000 from the previous week's revised figure of 372,000. The 4-week moving average was 359,250, a decrease of 6,750 from the previous week's revised average of 366,000.

The advance seasonally adjusted insured unemployment rate was 2.5 percent for the week ending January 5, an increase of 0.1 percentage point from the prior week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending January 5 was 3,214,000, an increase of 87,000 from the preceding week's revised level of 3,127,000. The 4-week moving average was 3,195,750, a decrease of 6,000 from the preceding week's revised average of 3,201,750.

This will be a quick one as markets are moving quickly...

Fannie 3.0s are back to 104-04, mathcing their lows...

- Philly Fed Business Conditions -5.8 vs +5.8 Consensus
- 6 Month Outlook ROSE to 29.2 vs 23.7 previously

- New orders -4.3 vs +4.9 in Dec
- Employment Index -5.2 vs -0.2 in Dec

The January Business Outlook Survey suggests that activity in the region’s manufacturing sector decreased moderately this month. Firms reported decreases in overall activity, new orders, and employment this month. Firms also reported a moderation in price pressures compared with the previous month. The survey’s future activity indexes suggest that firms expect growth over the first six months of 2013.

Good morning, and welcome to a relatively big, unexpected...

- Starts +12.1 pct vs -4.3 in Nov
- +954k unit rate, Highest since June 2008 (consensus 890k)
- Housing Permits 903k, as expected



BUILDING PERMITS
Privately-owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 903,000. This is 0.3 percent (±1.0%)* above the revised November rate of 900,000 and is 28.8 percent (±1.4%) above the December 2011 estimate of 701,000.

Single-family authorizations in December were at a rate of 578,000; this is 1.8 percent (±1.0%) above the revised November figure of 568,000.

Authorizations of units in buildings with five units or more were at a rate of 301,000 in December. An estimated 813,400 housing units were authorized by building permits in 2012. This is 30.3 percent (±1.1%) above the 2011 figure of 624,100.

HOUSING STARTS
Privately-owned housing starts in December were at a seasonally adjusted annual rate of 954,000. This is 12.1 percent (±13.4%)* above the revised November estimate of 851,000 and is 36.9 percent (±22.0%) above the December 2011 rate of 697,000.

Single-family housing starts in December were at a rate of 616,000; this is 8.1 percent (±9.7%)* above the revised November figure of 570,000. The December rate for units in buildings with five units or more was 330,000.

An estimated 780,000 housing units were started in 2012. This is 28.1 percent (±2.6%) above the 2011 figure of 608,800

- Claims 335k vs 365k Consensus
- 4 week average fell to 359.25k vs 366k previously
- Claims lowest since jan 2008, 37k drop biggest since Feb 2010

In the week ending January 12, the advance figure for seasonally adjusted initial claims was 335,000, a decrease of 37,000 from the previous week's revised figure of 372,000. The 4-week moving average was 359,250, a decrease of 6,750 from the previous week's revised average of 366,000.

The advance seasonally adjusted insured unemployment rate was 2.5 percent for the week ending January 5, an increase of 0.1 percentage point from the prior week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending January 5 was 3,214,000, an increase of 87,000 from the preceding week's revised level of 3,127,000. The 4-week moving average was 3,195,750, a decrease of 6,000 from the preceding week's revised average of 3,201,750.

- Philly Fed Business Conditions -5.8 vs +5.8 Consensus
- 6 Month Outlook ROSE to 29.2 vs 23.7 previously

- New orders -4.3 vs +4.9 in Dec
- Employment Index -5.2 vs -0.2 in Dec

The January Business Outlook Survey suggests that activity in the region’s manufacturing sector decreased moderately this month. Firms reported decreases in overall activity, new orders, and employment this month. Firms also reported a moderation in price pressures compared with the previous month. The survey’s future activity indexes suggest that firms expect growth over the first six months of 2013.

- Starts +12.1 pct vs -4.3 in Nov
- +954k unit rate, Highest since June 2008 (consensus 890k)
- Housing Permits 903k, as expected



BUILDING PERMITS
Privately-owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 903,000. This is 0.3 percent (±1.0%)* above the revised November rate of 900,000 and is 28.8 percent (±1.4%) above the December 2011 estimate of 701,000.

Single-family authorizations in December were at a rate of 578,000; this is 1.8 percent (±1.0%) above the revised November figure of 568,000.

Authorizations of units in buildings with five units or more were at a rate of 301,000 in December. An estimated 813,400 housing units were authorized by building permits in 2012. This is 30.3 percent (±1.1%) above the 2011 figure of 624,100.

HOUSING STARTS
Privately-owned housing starts in December were at a seasonally adjusted annual rate of 954,000. This is 12.1 percent (±13.4%)* above the revised November estimate of 851,000 and is 36.9 percent (±22.0%) above the December 2011 rate of 697,000.

Single-family housing starts in December were at a rate of 616,000; this is 8.1 percent (±9.7%)* above the revised November figure of 570,000. The December rate for units in buildings with five units or more was 330,000.

An estimated 780,000 housing units were started in 2012. This is 28.1 percent (±2.6%) above the 2011 figure of 608,800

- Claims 335k vs 365k Consensus
- 4 week average fell to 359.25k vs 366k previously
- Claims lowest since jan 2008, 37k drop biggest since Feb 2010

In the week ending January 12, the advance figure for seasonally adjusted initial claims was 335,000, a decrease of 37,000 from the previous week's revised figure of 372,000. The 4-week moving average was 359,250, a decrease of 6,750 from the previous week's revised average of 366,000.

The advance seasonally adjusted insured unemployment rate was 2.5 percent for the week ending January 5, an increase of 0.1 percentage point from the prior week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending January 5 was 3,214,000, an increase of 87,000 from the preceding week's revised level of 3,127,000. The 4-week moving average was 3,195,750, a decrease of 6,000 from the preceding week's revised average of 3,201,750.