There seems to be no immediate pass-through from the higher oil price into the domestic confidence indices and output and demand indicators.
So far this year, sales of existing homes have held up, as have other indicators of demand such as mortgage applications for home purchase, and mortgage rates remain relatively low.
HSBC, most such episodes occur during periods of unusually low inflation, which give monetary policymakers an excuse to disregard potentially worrying indicators of excess demand.
The bank said the European debt crisis and overall weak economic indicators across the globe hurt client demand and trading.
The early indicators suggest that pent-up demand and fewer regular season games will inspire fan interest to, possibly, unprecedented heights.
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But the thaw finally set in over the course of the last two years as key housing indicators signaled a definite recovery in demand for homes in the US. New home sales crawled their way up to 367K for 2012, the highest since 2009.
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Capacity utilization is already below its average level and many other indicators of economic slack reflect more supply than demand.
The rankings are based on long-term indicators like aquifer levels, precipitation patterns and historic balance of supply and demand.
With inflation running at about 25% according to private indicators (the government has intervened the official statistics office), Argentine demand for dollars has soared as savers look to at least maintain the value of their holdings.
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"The fact that (overall unemployment) rose again despite indicators showing a cyclical recovery in Spain clouds the outlook for the economy and does not bode well for demand, " said Silvio Peruzzo, economist at Royal Bank of Scotland.
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