Market Watch 666 For 28February 2021
Fourth quarter GDP revision; January’s income and outlays, durable goods, and new home sales
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This week also had the release of the Chicago Fed National Activity Index (CFNAI) for January, a weighted composite index of 85 different economic metrics, which rose to +0.66 in January from +0.41 in December, which was revised from the +0.52 reported for December last month... after revisions, the 3 month average of the CFNAI slipped to +0.47 in January from a revised +0.60 in December, which still indicates that national economic activity has been somewhat above the historical trend over recent months...in addition, the week also saw the Case-Shiller Home Price Index for December from S&P Case-Shiller, which reported that home prices nationally during October, November and December averaged 12.4% higher than prices for the same homes that sold during the same 3 month period a year earlier...since last month's Case-Shiller report indicated that home prices for September, October and November averaged 9.5% higher than September, October and November of 2019, this month's price index jump means that the implied but unpublished one month year over year index would have risen ~8.7% between September and December...