12/3: MetroIntelligence Economic Update by P. DUFFY

October construction spending slips 0.8 percent from September, up 1.1 percent year-on-year

Construction spending during October 2019 was estimated at a seasonally adjusted annual rate of $1,291.1 billion, down 0.8 percent from September but up 1.1 percent year-on-year.  During the first ten months of this year, construction spending amounted to $1,086.5 billion, 1.7 percent below the $1,105.2 billion for the same period in 2018.

https://www.census.gov/construction/c30/pdf/release.pdf

 

October orders for durable goods rebounded 0.6 percent, rose 4 out of last 5 months

Orders for durable goods rose 0.6% in October after dropping 1.4% in September. Orders for military aircraft jumped 18.1%. Excluding defense, durable goods orders edged up 0.1%, and also reflect the strike at General Motors, which was not settled until late October.

https://www.census.gov/manufacturing/m3/adv/pdf/https://www.census.gov/construction/c30/pdf/release.pdfdurgd.pdf

 

3Q 2019 GDP growth estimate revised up to 2.1 percent in second estimate

Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the third quarter of 2019 according to the “second” estimate, up from 1.9 percent in the initial estimate when less data was available.  In the second quarter, real GDP increased 2.0 percent.

https://www.bea.gov/news/2019/gross-domestic-product-third-quarter-2019-second-estimate-corporate-profits-third-quarter