Skip to comments.New home sales edge down, prior estimate revised lower
Posted on 11/28/2012 7:31:46 AM PST by John W
(Reuters) - New single-family home sales fell slightly in October and the government revised sharply lower its estimate for the prior month's sales, casting a small shadow over what has been one of the brighter spots in the U.S. economy.
The Commerce Department said on Wednesday sales dropped 0.3 percent last month to a seasonally adjusted 368,000-unit annual rate.
Government data for new home sales are subject to substantial revisions. Indeed, the Commerce Department cut its estimate for sales in September by 20,000 to a 369,000-unit rate.
The data leaves the pace of new home sales just below the pace reported in May, suggesting little upward momentum in the market for new homes.
(Excerpt) Read more at reuters.com ...
The elections are over so all of the data manipulation is winding down.
surprise, surprise !
how “unexpected” !
The government agencies were lying their a**** off to cover up Obama’s Depression until after the election. Why is this news?
times 10.25.12 reporting bo dayorder doubleplusungood refs unstatistic rewrite fullwise upsub antefiling
casting a small shadow ... over a fertile field where unicorns dance and play.
There was never a “bright spot” in the US economy over the past year, as, inevitably, every preliminary estimate of “improvement” proves to be either illusionary, or is revised down sharply due to “unexpected” changes in some other mysterious index.
But what the heck, it got Bronco Bama re-elected.
That and outright voter fraud.
A "sharply lower" revision would seem to cast LARGE shadow the Orcs in Mordor want to ignore.
WOW! Can’t tell you how surpised I am at this unexpected bad economic news!
What a surprise! All I heard on lamestream media business reports before the election was how the great uptick of new homes means the economy is healing.
Was their anything presented prior to the election that wasn’t a lie or embellishment?
Okay, where’s the picture of Captain Renault saying, “I’m shocked!”
The DJIA was down some on this report, however, here is latest news:
“Stocks sharply pared losses after U.S. House Speaker John Boehner voiced optimism that Republicans could reach a deal with the White House to avoid year-end austerity measures.”
So the October drop from September is just ‘slight’ because they revised downward the September drop. So if they just keep manipulating the monthly ‘drops’ to make them all ‘slight’ then Obama will continue to be a genius!
That’s “Lord and Savior Genius”.
I’m late to the discussion, but “unexpected” was my first thought. Who would have guessed that the last home sales estimates before the election would have to be revised downward by more than 5%?