Q4 GDP Revised Higher - The Commerce Department released the second (of three) report on the Q4 GDP on Friday and revised the number to 5.9% from 5.7%. Final sales in the US were revised lower while inventories, business investments and exports were all revised higher. The final Q4 GDP report will be issued in late March.
Existing Home Sales Fall - The National Association of Realtors (NAR) reported that sales of existing homes and condos fell 7.2% in January to a seasonally adjusted annual rate of 5.05 million which is the lowest reading in seven months. "It's not good news," said Lawrence Yun, NAR's chief economist. "There is rising concern about the strength of the housing recovery." Inventories of unsold homes fell 0.5% to 3.265 million or 7.8 months of supply at the current sales pace.
Consumer Sentiment Falls in February - The Thomson Reuters/University of Michigan survey of consumers showed that consumer sentiment fell slightly in February to 73.6 versus 74.4 in January.
Buffett Letter Has Big Audience as Berkshire Bulges - Reuters - "Unlike many corporate chiefs, Warren Buffett often plays down the prospects of his company Berkshire Hathaway, while trying to keep investors focused on the long term."
Euro Tarnished, But Rivals Lack Shine - MarketWatch - "The euro is damaged goods, laid low by a debt crisis that has revealed the shortcomings of European economic and monetary union, economists say. But while the episode raises questions about whether the single currency can survive without major changes, others say it's too early to dismiss the single currency's role as one of the world's premier reserve currencies -- and alternative to the U.S. dollar. "
Existing Home Sales Fall - The National Association of Realtors (NAR) reported that sales of existing homes and condos fell 7.2% in January to a seasonally adjusted annual rate of 5.05 million which is the lowest reading in seven months. "It's not good news," said Lawrence Yun, NAR's chief economist. "There is rising concern about the strength of the housing recovery." Inventories of unsold homes fell 0.5% to 3.265 million or 7.8 months of supply at the current sales pace.
Consumer Sentiment Falls in February - The Thomson Reuters/University of Michigan survey of consumers showed that consumer sentiment fell slightly in February to 73.6 versus 74.4 in January.
Buffett Letter Has Big Audience as Berkshire Bulges - Reuters - "Unlike many corporate chiefs, Warren Buffett often plays down the prospects of his company Berkshire Hathaway, while trying to keep investors focused on the long term."
Euro Tarnished, But Rivals Lack Shine - MarketWatch - "The euro is damaged goods, laid low by a debt crisis that has revealed the shortcomings of European economic and monetary union, economists say. But while the episode raises questions about whether the single currency can survive without major changes, others say it's too early to dismiss the single currency's role as one of the world's premier reserve currencies -- and alternative to the U.S. dollar. "
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