January 2015 U.S. Construction Spending

Total U.S. construction spending during January was estimated at a seasonally adjusted annual rate of $971.4 billion. That is 1.1% below the revised December estimate, and 1.8% above the January 2014 estimate.

Construction Spending

Construction Spending Change

Private residential construction spending was at an annual rate of $351.7 billion, which is 0.6% above the prior month and 3.4% below the same month a year ago.

Private nonresidential construction was at an annual rate of $345.9 billion, which is 1.6% below the prior month and 4.8% above the same month a year ago.

Public construction spending was at a seasonally adjusted annual rate of $273.8 billion, which is 2.6% below the prior month and 5.1% above the same month a year ago.

Construction Spending Components

Construction Spending Components Change

U.S. Disposable Personal Income And Outlays In January 2015

U.S. disposable personal income increased 0.4% in January to a seasonally adjusted annual rate of $13.26 trillion. This increase follows a 0.3% increase in December, and leaves disposable personal income up 4.4% from a year ago.

DPI Change

Personal outlays for the month totaled an annualized $12.53 trillion, a 0.1% decrease, leaving personal outlays up 3.7% from the year prior.

PCE Change

Historically, the change in outlays is far less volatile than the change in disposable income.

DPIPCE Annual

Personal savings, which is disposable personal income less personal outlays, increased to $728.5 billion from $659.6 billion.

Income and Outlays

The personal savings rate increased to 5.49% from 4.99%.

Savings Rate

U.S. Q4 GDP Growth Revised Down To 2.2%

Real gross domestic product increased at a seasonally adjusted annual rate of 2.2% in the fourth quarter, the U.S. BEA published this morning. This was the second estimate for Q4, and is a decrease from the initial estimate of a 2.6% annualized growth rate. The GDP growth rate in Q3 was 5.0% annualized.

Components of GDP by their contributions to GDP growth in Q4:

  • Personal consumption expenditures: +2.83%
  • Private investment: +0.84%
  • Net Exports: -1.15%
  • Government Consumption: -0.32%

GDP Components

Nominal GDP was at an annualized $17.7013 trillion in Q4, while real (inflation adjusted, 2009 chained) GDP was $16.2937 trillion.

GDP Nominal

Real GDP was up 2.4% from Q4 2013.

GDP Annual

U.S. House Prices In December 2014

S&P Case-Shiller Home Prices increased in December, with the 20-city composite index rising by 0.1% (not seasonally adjusted). Year over year, the 20-City Composite is up 4.5%.

Case-Shiller Change

The national house price level is now roughly equal to where it stood in November 2004.

Case-Shiller Index

Of the 20 cities tracked in the index, Los Angeles has had the greatest increase in home prices since 2000, while Detroit has been the only city where prices have declined over the past 15 years.

Case-Shiller Cities

From a year ago, house prices have increased the most in San Francisco, where they rose 9.3%. Chicago has had the slowest rate of annual increase, rising only 1.3%.

Case-Shiller Cities Change

Dallas and Denver are the only cities whose prices have increased beyond their pre-recession peak. Las Vegas remains the furthest below its peak.

Case-Shiller Table

The U.S.Federal Housing Finance Agency saw its national house prices increase 0.8% in December (not seasonally adjusted), and increasing 5.4% from a year ago.

The FHFA HPI is calculated using home sales price information from mortgages either sold to or guaranteed by Fannie Mae and Freddie Mac.

FHFA Change

The U.S. index is 3.7% below its March 2007 peak and is roughly the same as its November 2005 index level.

FHFA Index

Of the 9 different geographic census divisions that FHFA tracks, house prices have increased the most year over year in the Pacific and increased the least in the Middle Atlantic region.

FHFA Regions

U.S. Consumer Price Index Dragged Down Again By Energy In January

The Consumer Price Index for All Urban Consumers (CPI-U) decreased 0.7% in January on a seasonally adjusted basis, as reported by the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index has decreased 0.2%.

The core CPI, which excludes food and energy, was up 0.2% in January and is up 1.6% year over year.

CPI Monthly

CPI Annual

The All Food index was flat in January and is up 3.2% from a year ago. The All Energy index decreased 9.7% and is down 20.0% from a year ago.

CPI Table

CPI Components

The Producer Price Index for final demand decreased 0.8% in January, seasonally adjusted. The index for final demand decreased 0.1% for the 12 months ended in January.

The core PPI, which excludes food and energy, decreased 0.1% and is up 1.7% from a year ago.

PPI Monthly

PPI Annual

Weekly Initial Jobless Claims At 313k

U.S. initial jobless claims for the week ending February 21 were a seasonally adjusted 313k, up from the prior week’s revised reading of 282k. Not seasonally adjusted, jobless claims for the week were 280k.

Jobless Claims

Individual states that had changes in claims of more than 1k (not seasonally adjusted):

States

The 4-week moving average of initial jobless claims was 295k.

Jobless Claims 4W

The number of unemployment insurance recipients, or continuing claims, for regular state programs was 2.401 million, down from the previous week’s revised reading of 2.422 million.

UI Recipients

The insured unemployment rate, which is the number of unemployment insurance recipients as a share of covered employment, was 1.80%, down from 1.82% the week prior.

Insured Unemployment Rate

90.01% of all U.S. jobs are covered by state unemployment insurance programs.

Covered Employment

Of the 9.111 million Americans currently unemployed, 26.35% receive unemployment insurance.

UI Share

Jobless claims and the unemployment rate:

Labor Market

New Home Sales At Annual Rate Of 481k In January

U.S. new home sales in January were at a seasonally adjusted annual rate of 481k. That is down 0.2% from December’s revised rate of 482k. The national rate of new home sales in January was up 5.3% from a year ago.

New Home Sales Change

New Home Sales

New home sales by region, seasonally adjusted annual rate, in January:

  • Northeast: 15k from 31k last month.
  • Midwest: 62k from 52k last month.
  • South: 278k from 272k last month.
  • West: 126k from 127k last month.

New Home Sales Regions

The median sales price of new houses sold in January was $294.3k, down from $302.1k in December.

New Home Sales Price Change

New Home Sales Price

The seasonally adjusted estimate of new houses for sale at the end of January was 218k. This represents a supply of 5.4 months at the current sales rate.

New Home Sales Months Supply

New and existing home sales:

New Home Sales SPlit