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Wednesday, March 7, 2012
SIGNS OF LIFE
Over the last three weeks there has been a solid trail of good news for the US economy.The Conference Board reported that its Consumer Confidence Index®, rose to 70.8, up from 61.5 in January, while its Present Situation Index increased to 45.0 from 38.8. The Expectations Index rose to 88.0 from 76.7 in January.
The Bureau of Labor Statistics reported that its “all items index” has risen 2.9 percent over the last 12 months, while the index for “all items less food and energy” had risen 2.3 percent, its largest 12-month increase since September 2008. Interesting to note the impact on the figures of excluding food and energy!
Estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development, indicated that sales of new single-family houses in January 2012 were at a seasonally adjusted annual rate of 321,000, which is 3.5 percent (±17.6%)* above the
January 2011 estimate of 310,000 and which represents a supply of only 5.6 months even at the current (very low) sales rate.
All good news!
All good news except perhaps for one group – those in the construction industry. Rider Levett Bucknall continues to see that general contractors, sub-contractors and suppliers continue to experience difficulty in passing on cost increases to the construction consumer….which is not a situation that can last indefinitely.
posted by The QS