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US Housing, Jobs and Manufacturing Data (9/18)

We got a bag of data points regarding the building permits and housing starts, jobless claims, and Philadelphia-region's manufacturing. It was a mixed bag, and we can say it was unimpressive. 

Building Permits annualized (August): 1.00M
Forecast: 1.04M
Previous 1.06M

(source:; click to enlarge)

Housing Starts annualized (August): 0.96M
Forecast: 1.04M
Previous: 1.12M (revised up from 1.09M)

Housing data was strong earlier in the year, but has leveled off. Building permits is a forward looking indicator of how the housing market will be, and the readings have flattened since April's 1.06M print. Still, the underlying trend since 2009 has been improving, but at a very slow pace.

Unemployment Claims: 280K
Forecast: 312K
Previous: 316K

(source:; click to enlarge)

Weekly lobless claims data peaked in 2009, and has fallen since. This week's 280K reading is the lowest since the financial crisis, and is the lowest since early 2006. However jobless claims data is fading in significance because it does not reflect the slack in the economy. The FOMC, as well as the market will be more keen to see growth in employment, participation rate, and wages.

Philly Fed Manufacturing Index (September): 22.5

Forecast: 22.8
Previous 28.0

(source:; click to enlarge)

Manufacturing in the region covered by the Philly Fed expanded but at a slower pace in September (a reading above 0 shows expansion). Still, the trend has been strong in 2014, other than the contraction we saw in February.