S&P Case-Shiller HPI
Sales of existing homes may be slow but price traction is appearing, at least it did in December as Case-Shiller’s adjusted 20-city index shows a sharp month-on-month gain of 0.9 percent. This is the strongest monthly gain since March last year. Year-on-year growth, which had been slowing from the low double digits this time last year, is now leveling, at plus 4.5 percent vs November’s 4.3 percent which is the first gain for this reading since way back in November 2013.
Richmond Fed Manufacturing Index
Recent History Of This Indicator
The Richmond Fed manufacturing index slipped 1 point in January to plus 6. Growth in new orders, at 4, was steady but moderate while the draw in backlog orders picked up, to minus 9 from minus 5. Production, fed by the working down in backlogs, actually accelerated 5 points in the month to plus 10 but this pace can’t be sustained unless new orders pick up.
PMI Services Flash
A strong rebound in new work helped give a boost to Markit’s US service sector sample where the index rose to a 4-month high of 57.0. This compares with 54.2 in final January at 54.0 in the January flash.
Hiring is up this month in the sample as are backlogs. The outlook, however, is at a 4-month low, echoing similar weakness in last week’s Empire State and Philly Fed reports out of the manufacturing sector. Price readings remain low but did edge higher from January.