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Oil Rigs “Rigs counts took a breather this week”

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Oil Rigs “Rigs counts took a breather this week”

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Nov 17, 2017: • Rigs counts took a breather this week • Total US oil rigs were flat, +0 to 738 • Horizontal oil rigs eased back, -1 to 636…• On Wednesday, I suggested that excess inventory draws in the US and...
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Thursday: Unemployment Claims, Philly Fed Mfg, Industrial Production, Homebuilder Survey

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Thursday: Unemployment Claims, Philly Fed Mfg, Industrial Production, Homebuilder Survey

Earlier from the NY Fed: Empire State Manufacturing Survey: General Business Conditions Index Fell Eleven Points Business activity continued to grow strongly in New York State, according to firms responding to the November 2017 Empire State Manufacturing Survey. Though the headline general business conditions index fell eleven points from the multiyear high it reached...
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“Mortgage Rates Sideways to Slightly Higher”

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“Mortgage Rates Sideways to Slightly Higher”

From Matthew Graham at Mortgage News Daily: Mortgage Rates Sideways to Slightly Higher Mortgage rates were unchanged to slightly higher today, keeping them in line with their highest levels in more than 2 weeks, depending on the lender . Bond markets (which underlie mortgage rates) were in slightly better shape this...
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Schedule for Week of Nov 12, 2017

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Schedule for Week of Nov 12, 2017

The key economic reports this week are October housing starts, retail sales and the Consumer Price Index (CPI). For manufacturing, October industrial production, and the November New York Fed, Philly Fed and Kansas City Fed manufacturing surveys, will be released this week. —– Monday, Nov 13th —–No economic releases scheduled. —– Tuesday, Nov 14th...
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Hotel Occupancy Rate decreases YoY

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Hotel Occupancy Rate decreases YoY

From HotelNewsNow.com: STR: US hotel results for week ending 4 November The U.S. hotel industry reported mixed year-over-year results in the three key performance metrics during the week of 29 October through 4 November 2017, according to data from STR. In comparison with the week of 30 October through 5 November 2016, the industry...
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CoreLogic: House Prices up 7.0% Year-over-year in September

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CoreLogic: House Prices up 7.0% Year-over-year in September

Notes: This CoreLogic House Price Index report is for September. The recent Case-Shiller index release was for August. The CoreLogic HPI is a three month weighted average and is not seasonally adjusted (NSA). From CoreLogic: CoreLogic US Home Price Report Reveals Nearly Half of the Nation’s Largest 50 Markets are Overvalued CoreLogic® … today...
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AAR: Rail Carloads decreased Slightly, Intermodal at Record Levels, in October

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AAR: Rail Carloads decreased Slightly, Intermodal at Record Levels, in October

From the Association of American Railroads (AAR) Rail Time Indicators. Graphs and excerpts reprinted with permission. If you care about total U.S. rail carloads, October 2017 was not a particularly good month — total carloads were down 0.1%, or 1,220 carloads, from October 2016. Average weekly total carloads in October 2017 (266,444) were the...
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Comment on Employment Report: Hurricane Bounce Back, Record Job Streak Still Alive!

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Comment on Employment Report: Hurricane Bounce Back, Record Job Streak Still Alive!

The headline jobs number was strong at 261 thousand  – due to a bounce back from the hurricanes – but below expectations. However a key reason for the “disappointing” headline number was that the previous two months were revised up by a combined 90 thousand jobs. The upward revision to the September jobs report...
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MBA: Mortgage Applications Decrease in Latest Weekly Survey

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MBA: Mortgage Applications Decrease in Latest Weekly Survey

From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey Mortgage applications decreased 2.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 27, 2017. … The Refinance Index decreased 5 percent from the previous week. The seasonally adjusted...
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Are house prices a new bubble?

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Are house prices a new bubble?

On Friday, I posted five economic questions I’m frequently asked. I’ll post some thoughts on each of these topics over the next couple of weeks. A common question is: Are house prices in a new bubble?  My short answer was: No.  Here is an explanation. First, we need to define a bubble. Way back...
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