Home Sales, Housing Prices On The Decline & Claims For Jobless Benefits
SOURCE: Reuters
The definition of a recession is two quarters of negative growth.
Economists are now saying that the probability of a recession is as high as 50 percent.
The Commerce Department said new home sales in October were at an annual rate of 728,000 units, well below Wall Street economists' forecasts for a 750,000-unit rate. The department revised down September new-home sales steeply to a 716,000-unit rate from a previously reported 770,000, further underlining the housing sector's decline.
Separately, the Labor Department said new claims for unemployment aid jumped by 23,000 last week to the highest since February.
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The definition of a recession is two quarters of negative growth.
Economists are now saying that the probability of a recession is as high as 50 percent.
The Commerce Department said new home sales in October were at an annual rate of 728,000 units, well below Wall Street economists' forecasts for a 750,000-unit rate. The department revised down September new-home sales steeply to a 716,000-unit rate from a previously reported 770,000, further underlining the housing sector's decline.
Separately, the Labor Department said new claims for unemployment aid jumped by 23,000 last week to the highest since February.
Read full report »
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