Initial jobless claims for the week were 265,000 compared to 275,000 from the prior marking the 95th straight week below 300,000 claims, the longest streak since 1970. Expecting that the Organization of Petroleum Exporting Countries will cut global oil production by 2% in 2017, West Texas intermediate crude closed the year at $53.72 up 45.03%. The 20 city Case Shiller Home Index demonstrated a 5.1% annualized increase in prices during the month of October. This brings prices up to levels before the financial crisis. The Chicago PMI, a measure of production, declined in December from a month prior however remaining above 50.0 which separates general contraction from expansion.
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