by David Kranzler
Investment Research Dynamics
Note: For the record, I am expecting the possibility that the new homes sales report for February released today will show an unexpected spike up. For the past several months, there’s been what I believe to be a pre-meditated pattern in which the existing home sales data series and the new home data series move in the opposite direction. Let’s see if the trend continues.
The existing home sales data series has become as erratic and unpredictable as the Census Bureau’s new home sales report. One can only wonder about the reliability of the National Association of Realtors reporting methodology when its Chief “Economist” repetitively states month after month that “job growth continues to hum along at a robust pace.” Any economist who uses the Census Bureau’s monthly employment report as their evidence that the U.S. economy is producing meaningful, income-producing jobs is either just another propaganda mouthpiece or is of questionable intelligence. Either way a statement like that is highly unprofessional.