Pending Home Sales Drop to Record Low
Another day, another record economic low: The National Association of Realtors said moments ago that pending sales of homes in November dropped to a record low.
The trade group said its seasonally adjusted index of pending sales for existing homes fell from 85.7 in October to 82.3 in November. The number is down more than 5 percent from November of 2007.
In other economic data just out:
-- Orders to factories were down 4.6 percent in November, nearly twice what economists expected, for their fourth straight month of decline, according to the Commerce Department.
-- In the one bit of good news this morning, the Institute for Supply Management -- a trade group of purchasing executives -- said that its services sector index rose to 40.6 in December from 37.3 in November. Expectations had the index number going down.
Any number on the index below 50 signals that the economy is in contraction, but, hey, an uptick is an uptick.
Even though some of the data turned out worse than the markets expected, the news has not sunk Wall Street. The Dow is trading up about 37 points, or about 0.5 percent.
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