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Tuesday, November 29, 2011

New home sales are up 8.9% vs. October 2010

New home sales for October, at annual run-rate of 307,000, gained a bit of ground on September's anemic annualized rate of 303,000, and were up 8.9% year-on-year, according to the Census Bureau's release this morning

Saturday, November 19, 2011

Wells Fargo's Weekly Economic & Financial Commentary- November 18, 2011

- Retail sales rose 0.5 percent in October, while core retail sales increased 0.6 percent and are up 5.7 percent on a three-month annualized basis.

. Recent improvements in retail sales offer some encouragement going into the holiday season, and we expect holiday sales will increase 5.0 percent year-over-year.

- The Producer Price Index fell 0.3 percent in October due to a 1.4 percent drop in energy prices.

- Headline CPI fell 0.1 percent during October due to lower retail gasoline prices, but is up 3.5 percent year-over year.

- Housing starts fell 0.3 percent to a 628,000-unit pace in October, as a 3.9 percent increase in single-family starts was offset by an 8.3 percent decline in multi-family starts.

Tuesday, November 15, 2011

Marino\WARE Receives SSMA Non-Structural Certification

( South Plainfield, NJ): Marino\WARE®, a division of Ware Industries, Inc. announced today that they have achieved third party Code Compliance Certification to the 2009 IBC Building code. This certification is for BOTH structural and non structural products per the Steel Stud Manufacturers Association (SSMA) Code Compliance Certification Program requirements. This includes structural stud and track, and the ViperStud® Drywall Framing System family of products. CEO Chip Gardner said, “We wanted to be first to demonstrate to customers that Viper remains at the forefront of compliance while keeping quality as its core value. Viper is relatively unchanged from its conception, and remains standing strong among its competitors."

Marino\WARE® achieved Code Compliance Certification in 2009 for structural products and just recently completed the process for the new SSMA Non Structural Code Compliance Program. Technical information, test data and calculations were submitted to Architectural Testing, Inc. (ATI), and were thoroughly vetted to make sure that the ViperStud® Drywall Framing System met the very stringent requirements of the SSMA Non Structural Program. The new SSMA program requires EQ studs to meet minimum bending moment, screw penetration and screw capacity minimums. The SSMA and SFIA code compliance programs also mandate that all non structural products be tested in the exact same way for composite limiting heights. All of this was accomplished and withstood a withering third party analysis from ATI.

Saturday, November 12, 2011

Wells Fargo’s Monthly Economic Outlook – November 2011

- Consumer spending was strong during 3Q11, rising at a 2.4 percent annual rate, and recent data indicates spending will likely hold up reasonably well in 4Q11.

. The long-term sustainability of recent gains remains in question, however, as the saving rate has fallen from 5.3 percent in June to 3.6 percent in September.

- Nonfarm payrolls increased an average of 114,000 per month during the past three months, and employment in the nonagricultural portion of the household series rose by an average of 433,000 per month during that time.

- Growth during 4Q11 appears to be on pace to match 3Q11’s 2.5 percent annual rate, with solid gains in consumer spending and business fixed investment driving growth.

. We now expect real GDP to rise 1.8 percent in 2011 and 2.0 percent in 2012.

- Operation Twist has been mildly successful thus far and the Federal Reserve may opt to provide a boost to the program if growth falters in the coming months.

Wells Fargo's Weekly Economic & Financial Commentary- November 10, 2011

- The trade balance narrowed during September to -$43.1 billion from -$44.9 billion in August, as exports rose 1.4 percent and imports grew a more modest 0.3 percent.

. Import prices declined 0.6 percent and export prices fell 2.1 percent due to sharp declines in the rate of inflation for agricultural, food, and industrial supplies.

- The NFIB survey for October revealed that just three percent of respondents have plans to hire, suggesting it is unlikely the small business sector will meaningfully contribute to growth anytime soon.

- Initial jobless claims continued their gradual decline last week as 390,000 first-time claims were filed, the lowest level in seven months.

. The four-week moving average, meanwhile, fell to the important 400,000 mark which typically signals stronger job growth.

Saturday, November 5, 2011

Wells Fargo's Weekly Economic & Financial Commentary- November 4, 2011

- The unemployment rate fell to 9.0 percent in October as nonfarm employment rose by 80,000 jobs.

. Nonfarm employment has now risen by an average of 114,000 jobs over the past three months, as the private sector has averaged growth of 122,000 jobs during that time.

- Hours worked increased 0.1 percent and average hourly earnings rose 0.2 percent during October, as recent hiring has been predominantly in low-paying jobs.

- October ISM surveys remained consistent with modest economic growth, as both the manufacturing and non-manufacturing surveys remained slightly above the demarcation line separating expansion and contraction.

- Motor vehicle sales turned in another solid performance in October, although recent gains likely reflect improved inventories of imported models that have been in short supply due to the earthquake in Japan.