Little new economic data came out in a slow holiday week before the new year, though initial jobless claims maintained near historic lows of around 200K, coming in at 198K, slightly better than the 205K the week prior and dropping the four week average to below 200K for the first time.
Pending home sales unexpectedly fell 2.2% from October to November amid high prices and a low number of homes for sale. This follows a strong October and indicates a slowdown in the hot housing sector as the year ends.
Inventories rose 1.2% in November, slightly behind expectations of a 1.5% rise and October’s 2.5% gain.
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