MORNING YAPS

*the recession is over alright. Consider this: sales up 11% from May, June YOY sales down 22% and that's after prices down 12%. So don't be fooled by these numbers.
Sales of new homes in U.S. post sharpest gain in 9 years
Signaling that the U.S. housing market has stabilized, new-home sales reached an annualized rate of 384,000 last month, an 11% increase from May and the biggest jump since 2000, the Commerce Department said. Economists at Goldman Sachs and Deutsche Bank said the data indicate an end to slumping residential construction and sales. Bloomberg (27 Jul.)

*bring your checkbook Ben
Fed interviews households to learn impact of crisis
The Federal Reserve is asking households in the U.S. to participate in interviews to find out how the economic crisis has forced changes in their finances. "We need to look directly at changes for individual households," Fed Chairman Ben Bernanke said in the request for participation. Reuters (27 Jul.)

*Canada's recession is over and the US dollar has fallen yet again. Oh brother, is all I have to say. Canada has not been 100% honest with their bank exposure to commercial real estate. They are full of kool aid and hoping no one will notice.
Canadian dollar hits 9-month high against U.S. counterpart
The Canadian dollar reached its highest value since October against the U.S. dollar. The rise of the "loonie" caused economists to wonder whether the Bank of Canada will abandon its commitment to hold its interest rate at a historic low until the middle of next year. "The time for tightening is not yet at hand, but June 2010 seems too late," said Yanick Desnoyers, assistant chief economist at National Bank Financial. Financial Post (Canada) (28 Jul.)

*jobs jobs jobs. Better than nothing I guess.
Infrastructure projects from U.S. stimulus boost job market
By the end of last month, 49,377 jobs had been saved or created by highway, public-transportation and water projects backed by the U.S. government's economic stimulus, according to a report by a House committee. That figure is more than double the 21,000 for May. Reuters (27 Jul.)