National Gasoline Price Drops To $2.91 In November

The average U.S. price per gallon for all formulations of regular gasoline was $2.91 during the month of November, as reported by the U.S. Energy Information Administration. That is down from $3.17 in October and the 2014 high of $3.69 in June.

Diesel fuel was $3.65 per gallon in November from $3.68 last month.

Gasoline Regions

Gasoline Price

New Home Sales At Annual Rate Of 458k In October

New home sales in October were at a seasonally adjusted annual rate of 458k. That is up 0.7% from September’s revised rate of 455k. The national rate of new home sales in October is up 1.8% from a year ago.

New Home Sales Change

New Home Sales

New home sales by region, seasonally adjusted, in October:

  • Northeast: SAAR of 30k from 28k last month.
  • Midwest: SAAR of 66k from 57k last month.
  • South: SAAR of 252k from 257k last month.
  • West: SAAR of 110k from 113k last month.

New Home Sales Regions

The median sales price of new houses sold in October was $305.0k, up from $261.7k in September.

Change in Median Sales Price

Median Sales Price

The seasonally adjusted estimate of new houses for sale at the end of October was 212k. This represents a supply of 5.6 months at the current sales rate.

New Home Sales Supply

Disposable Personal Income And Outlays In October

U.S. disposable personal income increased 0.2% in October to a seasonally adjusted annual rate of $13.11 trillion. This increase follows a 0.1% increase in September, and leaves disposable personal income up 3.9% from a year ago.

Disposable Personal Income

Personal outlays for the month totaled $12.46 trillion, a 0.2% increase, leaving personal outlays up 3.6% from the year prior.

Personal Outlays

DPI PCE Change

Personal savings, which is disposable personal income less personal outlays, decreased to $651.1 billion from $654.0 billion.

Income and Outlays

The personal savings rate decreased to 4.97% from 5.00%.

Savings Rate

Weekly Initial Jobless Claims At 313k

Initial jobless claims for the week ending November 22 were a seasonally adjusted 313k, up from the prior week’s revised reading of 292k. Not seasonally adjusted, jobless claims for the week were 356k.

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 294k.

Jobless Claims 4W

The number of unemployment insurance recipients, or continuing claims, for regular state programs was 2.316 million, down from the previous week’s revised reading of 2.333 million.

Unemployment Insurance Recipients

The insured unemployment rate, which is the number of unemployment insurance recipients as a share of covered employment, was 1.74%, down from 1.76% the week prior.

Insured Unemployment Rate

90.12% of all U.S. jobs are covered by state unemployment insurance programs.

Covered Employment

Of the 8.995 million Americans currently unemployed, 25.75% receive unemployment insurance.

UI Recipients Share

Jobless claims and the unemployment rate:

Labor Market

U.S. House Prices In September

S&P Case-Shiller Home Prices were unchanged in September, with the 10-City composite and 20-city composite indices both decreasing by less than 0.1% (not seasonally adjusted).

Year over year, the 20-City Composite is up 4.9%. This is a slower annual rate of growth than the 5.6% in August and the 13.6% rate in October 2013.

Case-Shiller National Change

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

Case-Shiller House Price Levels

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 14 years.

Case-Shiller Cities Price

From a year ago, house prices have increased the most in Las Vegas, where they rose 9.1%. Cleveland has had the slowest rate of annual increase, rising only 0.8%.

Case-Shiller Cities Price 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 also unchanged in September (not seasonally adjusted), but increasing 4.3% 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 House Price Change

The U.S. index is 5.8% below its April 2007 peak and is roughly the same as its August 2005 index level.

FHFA House Prices

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 and New England regions.

FHFA House Price Regions

In both the Case-Shiller index and the FHFA index house prices continue to increase, but the pace is slowing.

November Consumer Confidence

U.S. consumer confidence decreased to a reading of 88.7 (1985=100) in November, as published this morning by The Conference Board. This compares to a revised reading of 94.1 in October.

The Present Situation Index component decreased to 91.3 from 94.4, while the Expectations Index component decreased to 87.0 from 93.8.

Says Lynn Franco, Director of Economic Indicators at The Conference Board: “Consumer confidence retreated in November, primarily due to reduced optimism in the short-term outlook. Consumers were somewhat less positive about current business conditions and the present state of the job market; moreover, their optimism in the short-term outlook in both areas has waned. However, income expectations were virtually unchanged and gas prices remain low, which should help boost holiday sales.”

Consumer Confidence

The U.S. consumer sentiment index, reported by the University of Michigan, increased slightly to 86.9 in November from 86.4 in October.

Consumer Sentiment

The recent trend:

Both Consumer COnfidence

U.S. Q3 GDP Growth Revised To 3.9%

Real gross domestic product increased at a seasonally adjusted annual rate of 3.9% in the third quarter, the BEA published this morning. This was the second estimate for Q3, and is an upward revision from the initial estimate of a 3.5% growth rate. GDP grew at a rate of 4.6% in Q2.

Components of GDP by their contributions to GDP growth in Q3:

  • Personal consumption expenditures: +1.51%
  • Private investment: +0.85%
  • Net Exports: +0.78%
  • Government Consumption: +0.76%

GDP Contributions

Nominal GDP was at an annualized $17,555.2 trillion in Q3, while real (inflation adjusted, 2009 chained) GDP was $16,164.1 trillion.

GDP

Real GDP is up 2.4% from Q3 2013.

GDP Annual