Year-End Housing, Consumer Data Are Encouraging

The final pieces of economic data of 2016 are pouring in -- and the news is good.
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The final pieces of economic data of 2016 are pouring in -- and the news is good. On Friday, new home sales surged to an annual rate of 592,000 in November, according to the Census Bureau, up from 563,000 in October and higher than analysts' forecasts of 580,000. Separately, the University of Michigan's consumer sentiment survey, also released Friday, hit a 12-year high to 98.2, beating estimates of 98. The index is up 4.7% since Donald Trump clinched the presidential election in November.