2020 GDP and new home sale reports are in. See how they fared! {Market Report} January 29th

January 29, 2021 abryant

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	The full year GDP for 2020 declined 3.5%, the worst year for the U.S. since the end of WWII. However, 4th qtr GDP grew at a 4% rate, led by gains in consumer spending.
	At this week’s meeting, the Fed voted to keep policy rates unchanged and committed to continuing the bond purchase program that has helped drive mortgage rates to all time lows.
	Jobless claims fell more than expected last week, signaling a possible easing after increases in December and early January. Continuing claims also dropped to 4.77 million.


	November home prices rose 9.5% according to Case-Shiller, one of the highest gains on record. Phoenix, Seattle, and San Diego continued to show the strongest price appreciation.
	A recent Conference Board survey showed consumers more than willing to buy homes in the next 6 months, indicating the housing market will continue to underpin the economy.
	Despite rising home prices, December’s new home sales rose for the first time in 5 months, capping the best year since 2006 as record low mortgage rates drove demand.

“Figure out who you are and then do it on purpose.”
Dolly Parton

Next week’s potential market moving reports are:

Monday, February 1st – ISM Manufacturing Index
Tuesday, February 2nd – No Reports
Wednesday, February 3rd – ADP Employment Report
Thursday, February 4th – First Time Jobless Claims, Factory Orders
Friday, February 5th – National Employment

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