Economic Report Summary - Week ending 1/31/14

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The Federal Reserve left interest rates unchanged at 0.25% and also announced another $10 billion cutback in its quantitative easing.

Gross Domestic Product grew by 3.2% annualized in the fourth quarter, coming in-line with expectations.

Durable Goods orders fell 4.3% on a monthly basis in December 2013, failing to meet estimates at 1.8%. Ex-transportation, Durable Goods Orders dropped 1.6% month-over-month in December 2013, falling short of consensus at 0.5%.

The Market Services PMI gained 0.9 points to a level of 56.6 in January, beating estimates of 56.2. The Chicago PMI dropped 1.2 points to a level of 59.6 in January, while consensus pointed to a sharper fall to 59.0.

The Dallas Fed Manufacturing Index grew by 0.1 point to 3.8 in January, higher than the forecasted level of 3.3. The Richmond Fed Manufacturing Index fell by 1 point to a level of 12 in January, whereas analysts initially expected the Index to remain unchanged at 13.

Personal Consumption Expenditures grew 1.1% on a year-over-year basis in December 2013, while Core Expenditures, which exclude food and energy costs, advanced 1.2%. Personal Income remained unchanged in December 2013; while Personal Spending rose 0.4%.

New Home Sales slid 7.0% on a month-over-month basis in December 2013. Pending Home Sales fell 8.8% on an annual basis in December 2013, while on a monthly basis, they dropped 8.7%. The S&P Case-Shiller Home Prices Indices increased 13.7% in November 2013, modestly higher than the previous month's 13.6% increase.

Consumer Confidence rose 3.2 points to a level of 80.7 in January, coming in higher than the expected rise to 78.1. The Reuters/Michigan Consumer Sentiment Index fell from 82.5 to 81.2 in January, while analysts expected a steeper decline to 81.0. U.S.

Jobless Claims increased by 19,000 in the week ending January 25th to 348,000.

Crude Inventories increased by 6.4 million barrels last week, while oil prices rose to $96.66.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: News Headlines , US Markets , Commodities , Economy

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