Driving the Day: 12/5/12

Dec 5, 2012

Need to know…

  • Back to the Drawing Board in Cliff Negotiations. President Obama rejected House Speaker John Boehner’s proposal on how to address U.S. government spending, revenue and entitlements. The president signaled he would consider entitlement reforms if Republicans agree to higher tax rates for upper-income households. Cuts to entitlement benefits, however, are already being considered on the Democratic side, according to Democratic Minority Whip Steny Hoyer. The president will discuss his debt reduction plan with business executives today at a meeting with the Business Roundtable.
  • Private Sector Jobs Up in November. The United States added 118,000 new private sector jobs in November, according to the latest report from Automatic Data Processing, Inc. Hurricane Sandy, which disrupted commerce and wreaked havoc along the East Coast, impacted payroll employment, as did business uncertainty stemming from the unresolved “fiscal cliff.” To capture a more accurate picture of new employment, the ADP report has been revamped to predict the revised third reading of the official jobs number, as opposed to forecasting the official jobs number released on Fridays.
  • Housing Market Continues to Strengthen. Existing home sales prices in October rose 6.3% over the same month last year, according to new data from Corelogic, a data analysis firm. Corelogic also offered a pending home sales price index, which predicts closed sales in November will rise more than 7%, year over year. These figures show continuing momentum in the U.S. housing market recovery.

Worth the read…

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