Stephen Walters, chief economist at JP Morgan, said there was some "static" in the data with volatility in high density housing data in New South Wales helping to skew the result, but added it was still clear that a downtrend is underway in housing.
This reflects the great volatility of the data series and partly reflects weak new orders in manufacturing PMI.
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"We get caught up in the monthly volatility of the data, and we need to step back, " she said.
Ministry officials emphasized that monthly volatility in the data was common, as was frequently the case in 2012 when strong months would be followed by weak, and vice versa.
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For investors, the second quarter is starting to look a lot like the second quarter of last year: a steepening volatility curve, weaker economic data and increased concerns over Europe.
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So is the likely effect on share-price volatility of quasi real-time data: would it make some investors even more short-termist in their outlook?
His major preoccupation: Investing in low-volatility stocks that, according to his data studies and portfolio performance, have shown they beat the market and produce higher returns.
He has created the website, LowVolatilityStocks.com, to make data and research available to individual investors to help them in reducing portfolio volatility and improving returns.
Also, many investors might be turning to gold for the first time due to volatility in equities and worries about global credit markets, and there is no empirical data on how much of this demand is likely to be permanent.
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The return of stock market volatility after some relatively calm months may be exciting for some traders on Wall Street, but it new data shows that the individual investor is content to take some chips off the table here.
Using data dating all the way back to 1985, Munger has pinpointed 2004 as the breaking point where volatility was finally unleashed.
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