● U.S. 3Q GDP Revised Up to 5% | Fox
● U.S. Personal Spending Rises Slightly More Than Expected In November | RTT
● U.S. Personal Income Rises Less Than Expected In November | RTT
● Durable Goods Orders in U.S. Unexpectedly Fell 0.7% in November | Bloomberg
● New-Home Sales in U.S. Unexpectedly Fall to 4-Month Low In Nov | Bloomberg
● U.S. consumer sentiment rises to highest level since 2007 | Reuters

US economic growth accelerated last month, according to the November update of the Chicago Fed National Activity Index. But while the broad trend is looking stronger these days, housing remains wobbly. Existing home sales fell a hefty 6.1% in November – the biggest monthly decline in over four years. The slide follows last week’s news of November’s sluggish growth in housing starts and a decline in newly issue building permits – a sign that housing construction may be headed lower in the months ahead. Considering the residential real estate’s influence in macro matters, it’s reasonable to wonder if the soft data of late pose a threat for an economy that’s otherwise expanding at a faster pace.
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● US sales of existing homes hit 6-month low, puzzling analysts | WaPo
● Eurozone consumer confidence rises in December | Reuters
● French consumer spending rises less than expected in Nov | MarketWatch
● Opec oil output will not be cut even if price hits $20 | BBC
● Italy Oct Retail Sales Decline At Faster Pace | RTT
● UK Q3 GDP Revised Lower On Year | MNI
● France GDP Expanded by Unrevised 0.3% in Q3 | MNI

US economic growth is still expected to decelerate in this year’s fourth quarter relative to Q3, although today’s revised nowcast reflects a stronger outlook for GDP in the final three months of 2014 vs. last month’s projection.  Q4’s advance is now on track for a 3.0% advance (real seasonally adjusted rate), based on The Capital Spectator’s current median point forecast for several econometric estimates. The latest outlook represents a solid improvement over the 2.1% rise in the initial nowcast for Q4.
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● Chinese central bank survey: More bankers think economy cooled in Q4: | Reuters
● BoJ: Japan’s Economy Continues To Recover Moderately | RTT
● Oil Rises for Second Day on Saudi Confidence in Demand | Bloomberg
● US gas prices fall to lowest since May 2009: Lundberg survey | Reuters
● UK inflation will likely to fall below 1%, central banker says | MNI
● Do falling oil prices raise the threat of deflation? | Econobrowser

Existing home sales in the US are expected to decline slightly to an annual pace of 5.25 million units in tomorrow’s update for November, according to The Capital Spectator’s median point forecast for several econometric estimates. The projection represents a marginal decrease from October’s 5.26 million units (seasonally adjusted annual rate).
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Last week I recapped some of the more interesting titles that appeared in The Capital Spectator’s Book Bits column that runs on Saturday mornings. Here’s Part II of the year-end review of economic and finance books from 2014 that deserve a second look…
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The three-month average of the Chicago Fed National Activity Index (CFNAI) is expected to rebound to a +0.12 reading in the November update that’s scheduled for Monday (Dec. 22), based on The Capital Spectator’s median point forecast for several econometric estimates. The projection is moderately above the -0.01 reading for October, which reflected a fractionally below-average pace of economic growth for the US relative to the historical trend. Only values below -0.70 indicate an “increasing likelihood” that a recession has started, according to guidelines from the Chicago Fed. Using today’s estimate for November as a guide, CFNAI’s three-month average is expected to remain at a level that’s historically associated with growth at an above-trend pace.
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It’s all about real estate investment trusts (REITs) these days when it comes to bullish performance among the major asset classes via our standard list of ETF proxies for the key slices of global markets. US REITs, to be precise, are enjoying a melt-up moment. But don’t confuse the stellar results with foreign REITs, which are posting only modest gains. US shares of securitized real estate, by contrast, have roared higher over the trailing one-year period (defined here as the past 250 trading days). Although prices have eased in recent days, Vanguard REIT (VNQ) is ahead by a hefty 30.4% through yesterday (Dec. 18). That’s twice the rise for the second-best performer, US equities, based on the Vanguard Total Stock Market (VTI).
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● Jobless claims still signal strong U.S. hiring | MarketWatch
● US service sector output growth hits 10-month low in Dec | Markit
● U.S. Leading Economic Index Rises 0.6% In November | RTT
● Philly Fed survey shows factory activity slowed in December | Reuters
● German consumer morale highest in 8 years heading into Jan | Reuters
● Dollar index near 5-year highs amid U.S. optimism | Investing.com
● Japan govt says economy in “moderate recovery” trend | MNI