Recap 8-28-12: Housing Wealth by Cohort, Peak Productivity Growth

Commentary:

Following up on yesterday’s post, Zillow recently published a report showing housing wealth by cohort. Their data shows that more than half of 30-34 year old home owners have negative equity, although delinquency rates remain low:

Separately, NBER published an interesting paper suggesting that peak per capita GDP growth is over. h/t FTAlphaville:

Notable:

  • US Consumer Confidence dropped to 60.6 in Aug vs 66 exp and 65.4 prev
  • All of the ECB’s six-member Executive Board, including Draghi, is reportedly skipping Jackson Hole due to work overload. However, Bundesbank chief Jens Weidmann still plans to go, the German central bank said.
  • ECB data shows that Spanish deposit outflow totaled €74 bn in July, (-4.7% mom!) while deposits in other periphery countries were stable

  • Hurricane Isaac heads towards New Orleans and is now forecast to grow into a category 2 hurricane before making landfall

Upcoming Data:

  • Wed: German CPI, US Pending Home Sales, South Korea PMI
  • Thurs: German Unemployment, EU Industrial Confidence, US Personal Spending, PCE Deflator, Jobless Claims, Japan PMI, CPI
  • Fri: Jackson Hole, Month End, Italy Unemployment, EU CPI, Unemployment
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