Long-term rates have confirmed their over-the-holidays rise, but are taking strong economic news very well, mortgages holding at 6.125 percent. December payrolls grew by a healthy 167,000 jobs, way above consensus forecast, and wages rose .5 percent in the month, nearly double the forecast. The December purchasing managers' manufacturing index rose above break-even to 51.4, out of its November trough, and the service sector held a strong 57.1. Christmas sales were on the shaky side, but most of the weakness can be charged off to warm-weather damage to clothing sales. Oil cracked $55/bbl early this morning, warm weather in play there, too. I suspect also at work is a delayed reaction to the price spike now 18 months old. It takes time for a spike to suppress demand and encourage supply,...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.