Thanksgiving – NPR runs a story on the cost of Thanksgiving every year where they have volunteer shoppers from around the country survey and evaluate prices for the classic Thanksgiving meal for 10. The price came out to $48.91 which is up one single penny from last year. Turkey has come down 4% at $1.30 per lbs. making up 40% of the meal cost.
- While the price of turkey is actually up, retailers mark it down to bring in traffic
- Farmers receive only 8 pennies for every food dollar
- In the last 30 years prices for Thanksgiving have been the same when adjusted for inflation.
- Americans spend only 6% of their disposable income on food (in Nigeria they spend 50%).
Rates – improved slightly this week at a similar clip as last. The 10 year Treasury is trying to get out of its upward trend line. As a reminder when the 10 Year US Treasury goes up mortgage rates follow. Though not a causal relationship there is a strong correlation.
Jobs – the number of people filing for unemployment, while still low, ticked up the last couple of weeks. We will see if this becomes a trend.
Home Sales – Median home prices are up (6.2% year over year), inventory is tighter (4.3% lower than last year), and in spite of these factors the number of closing is up (4.6% year over year).