Monday, July 27, 2009

Quick Notes for the Day - July 27

New Home Sales Rise 11% - The Commerce Department on Monday had a surprise waiting... they reported sales of new homes jumped 11% in June to a seasonally adjusted annual rate of 384,000. This was the largest increase since November 2008. Estimates had been for a rate of 355,000 sales. New home sales are still down by about 21%, but the increase in sales was a good sign.

China to Grow 8.7% - On Monday morning, Merrill Lynch increased its expectation of China's economic growth rate for 2009 to 8.7% versus the previous estimate of 8.0%. Merrill expects China's economy to grow 9.2% in the third quarter and 11.3% in the fourth quarter. It also raised next year's growth rate to 10.1% from 9.6%.

Gasoline Prices Move Up on Increased Optimism - Gasoline prices had been moving lower, but this week the national average turned up. The AAA Daily Fuel Gauge Report showed the national average being $2.50 versus last week's $2.47, last month's $2.65, and last year's $3.97.

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