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Editor's Note: Below is a brief excerpt from today's Early Look written by U.S. Macro analyst Christian Drake. Click here to learn more about the Early Look.

New Home Sales data for November was slated to be reported earlier in the week but is delayed until Census Bureau workers are back on the job. 

The rate of change number won’t be good. 

But then again, If growth slows in a government shutdown forest and no one is there to report (and, therefore, see) it … did it really slow? 

If you follow the base effect progression forward, you can see some silver lining at the end of the comp tunnel ~2Q19.   For now, let’s just refrain from reporting reality and/or remain willfully blind and agree to agree that the reported fundamental data is likely to remain decidedly underwhelming at least until then.

CHART OF THE DAY: Please Don't Report This #LateCycle Housing Data - CoD Nov NHS

CHART OF THE DAY: Please Don't Report This #LateCycle Housing Data - early look