(with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik)

In a sign of weak manufacturing demand, durable goods orders fell in November for the third time in four months. The Department of Commerce said orders declined 1.1% from October and were down 1.3% from the year before. Demand for commercial aircraft led the monthly drop. Excluding transportation equipment, orders dipped only 0.1% from October.

New home sales picked up in November. At a seasonally adjusted annual rate of 664,000 residences, sales stayed below the pre-pandemic level of about 700,000 which was near the highest since before the Great Recession. According to new data from the Department of Commerce, inventories remained above average, and the median sales price dropped 6% from November 2023 to $402,600.

Consumers soured on the economy and financial prospects in December, according to the Conference Board. The business research group said its consumer confidence index dropped to the middle of a narrow range of readings over the last two years. In particular, consumers said they expected lower stock prices and higher interest rates, and they had weaker outlooks on their family finances. Economists monitor consumer opinions because consumer spending accounts for more than two-thirds of U.S. economic activity.

No significant reports

Markets and government offices closed for Christmas

The four-week moving average of initial unemployment claims rose for the fourth week in a row but remained 38% below the all-time level, suggesting employers continued to be cautious about letting workers go. The total number of jobless recipients fell about 3% from the week before to nearly 1.9 million, which was up 1.5% from the same time last year.

No significant reports