Pending Home sales miserable for November. Factory Orders strong
The Pending Home sales plunged -16% which is the first decline in 10 months but is an oversized decline. The thought is the incentive uncertainty for new buyers caused the sharp decline. In recent weeks mortgage rates have also increased which may also put sales on hold going forward. Housing continues to remain a thorn in the Fed and banks sides.
On a positive note, Factory Orders for November increased by 1.1% vs expectations of a 0.5% increase. The prior month was also revised higher to +0.8% from +0.6%. If you strip out transportation, the orders wer up 1.9%.
The market is confused as to the dollars direction given the conflicting reports. However, it seems the dollar is a little weaker. The market will likely look toward Friday’s Unemployment report for the major directional clues given the mixed economic signals. However, for the Fed to start tightening an uneven economy will not encourage a move.
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