Even with concerns about the global economic impact of the ongoing turmoil in oil and the threats of North Korea hacking Sony and leading to the cancellation of the release of "The Interview" in theaters this Christmas, the economy managed to somehow still hold somewhat strong this week.
Last week in the economy:
- The S&P 500 started the week at 2,017 and rose 2.7% to end the week at 2,070
- The national average for mortgage rates rose 5 basis points (0.05%)
- Housing starts declined 1.6% in November. Housing starts are down 7% from a year ago.
- The consumer pricing index declined 0.3% in November. CPI is up 1.3% from a year ago.
- Industrial production rose 1.3% in November. Production is up 5.2% from a year ago.
What's on the economic calendar for the week of December 22, 2014:
- Monday: Existing Home Sales will be released.
- Tuesday: Durable Goods Orders, GDP, and New Home Sales will be released.
- Wednesday: Jobless Claims will be released.
- Thursday: The markets are closed for Christmas.
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Our trusted source for all economic news is First Trust Portfolios out of Wheaton, IL. For greater insights on these figures check out their blog here.