Labor/Economy

In his second inaugural address on Monday, President Obama touched on a number of presumed priorities of his second term, including economic policy.

The Census Bureau reported that private housing starts in December came in at an annualized rate of 954,000 units. That’s 12.1 percent more than the revised November total of 851,000, and a whopping 36.9 percent above the rate of 697,000 in December 2011.

The Federal Reserve released the latest Beige Book, which reported “all 12 Districts characterizing the pace of growth as either modest or moderate.”

The Census Bureau reported on Tuesday that U.S. retail sales were up 0.5 percent from November to December (important note: the figures are adjusted for seasonal variation, but not price changes).

Fed chairman Ben Bernanke gave a speech at the University of Michigan on Monday, characterizing the U.S. economy as in a “relatively fragile recovery,” and noting that there has been only “modest improvement” in the labor market.

The U.S. Department of Commerce reported that the trade deficit (both goods and services) was up to $48.7 billion in November, compared with $42.1 billion in October.

Early indications were that retail sales during the holidays were modest, and now more data is coming in to reinforce the point.