10/23: MetroIntelligence Economic Update by P. DUFFY

September existing home sales declined 3.4 percent from August and 4.1 percent year-on-year

Total existing-home fell 3.4 percent from August to a seasonally adjusted rate of 5.15 million in September. Sales are now down 4.1 percent from a year ago. The median existing-home price for all housing types in September was $258,100, up 4.2 percent from September 2017.

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Leading Economic Index rose another 0.5 percent in September

The US LEI improved a further 0.5 percent in September, suggesting the US business cycle remains on a strong growth trajectory heading into 2019. However, the LEI’s growth has slowed somewhat in recent months, suggesting the economy may be facing capacity constraints and increasingly tight labor markets.

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Fed Meeting Minutes:  Look for More Rate Hikes Ahead

With regard to the outlook for monetary policy beyond this meeting, participants generally anticipated that further gradual increases in the target range for the federal funds rate would most likely be consistent with a sustained economic expansion, strong labor market conditions, and inflation near 2 percent over the medium term.

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