2/1: MetroIntelligence Economic Update by P. DUFFY

The FOMC decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent.  In light of global economic and financial developments and muted inflation pressures, the Fed will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate.

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November new home sales rebounded 16.9 percent from October, down 7.7 percent year-on-year

Sales of new single-family houses in November 2018 were at a seasonally adjusted annual rate of 657,000. This is 16.9 percent above the revised October rate of 562,000, but is 7.7 percent below the November 2017 estimate of 712,000.

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January planned job cuts up 20.7 percent from December and 18.7 percent year-on-year

Employers at U.S.-based companies announced plans to cut 52,988 jobs from their payrolls in January, 20.7 percent higher than in December, and up 18.7 percent year-on-year.  Over forty percent of these January cuts were in the retail sector.

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