Housing Data Reflects Worst Readings Ever

US CPI Falls By Record 1.7% in November, Housing Data Reflects Worst Readings Ever

The US dollar remains under pressure as the latest US economic data suggests that the Federal Reserve is very likely to cut rates this afternoon at 14:15 ET. First, inflation pressures in the US are clearly plummeting as evidenced by the record plunge of -1.7% in US CPI during the month of November, which brought the annual rate of growth down to match the December 1986 and June 2002 lows of 1.1% from 3.7%. Shifts in the core readings, which exclude food and energy, were not nearly as dramatic but the annual figure did cool to a 3-year low of 2.0%. Meanwhile, both US housing starts and building permits fell to their worst levels ever, as recordkeeping began in 1959 for the former and 1960 for the latter.

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Falling Property Values and a Rising Foreclosure Rate

Falling property values and a rising foreclosure rate may contribute to a growing gap in next year's state budget, the Florida Legislature's top economist said Monday.

State economists recently cut their forecast for 2009 property taxes -- based on the taxable value of properties for school purposes -- by about 5 percent since their last estimate in August.

The Legislature requires school districts to levy a minimum property tax rate -- this year about $5 per $1,000 of taxable value -- to qualify for state funding.

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Lockheed Martin Gets Army Contract

he Army said Monday that it has awarded an $89.5 million contract to a division of Lockheed Martin Corp. for work on helicopters.

The contract, awarded Friday, is for repairs and maintenance of sensors and other equipment on board the Apache helicopter.

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