Some good news from the Financial Times:
Home Depot, the second largest US retailer by sales, expressed guarded optimism on Tuesday over the stabilisation of the US housing market, but cautioned that its store sales results were still in ‘less bad’ rather than positive territory.
The home improvement retailer said that sales in 36 of its top 40 markets showed sequential improvements in comparable sales at the end of its third quarter, on a rolling six-week average basis. It also said it was continuing to see signs of stabilisation in sales in California, Florida and Arizona.
Frank Blake, chief executive, also welcomed the fact that the percentage of US GDP devoted to private fixed residential investment (PFRI) also remained flat, rather than falling during the third quarter – data the company has used as an indicator of overall health of its customers.