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Another Day of Weak U.S. Statistics

November 30, 2007 (Last updated on February 26, 2016) by Andriy Moraru

Euro tried to regain some of its strong positions against U.S. dollar today after some new weak economical statistics regarding personal income and spending were released to the financial market traders. But after construction spending and very optimistic PMI reports were released dollar started to press on euro and EUR/USD returned to its daily open value.

The most notable are the personal income and personal consumption expenditures (PCE) data reported by U.S. Bureau of Economic Analysis — in October they both rose by 0.2% while markets were expecting 0.4% growth in personal income (same as in September) and 0.2% for PCE.

Chicago PMI report (Business Barometer) showed an increase of this index above the average expectations by the analysts. It was at 52.9 in November, while 50.5 was expected it was 49.7 in October.

Total housing construction spending in October 2007 decreased by 0.8% (seasonally adjusted) compared to September’s value, that’s below pessimistic expectations of 0.3% drop. Real estate sector of the U.S. economy is heading into a deep crisis and new data reports prove that easily.

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