MetroIntelligence Economic Update by P. DUFFY
Economic output index shows strong rebound in February
The IHS Markit Flash US Composite PMI Output Index leapt from an 18-month low of 51.1 in January to 56.0 in February, which is a substantial expansion in private sector output far higher than the series average. Prices charged for goods and services in the US rose at a record pace in February, as companies continued to pass along higher costs to their clients.
Case Shiller annual increase flattens out to 18.8 percent in December
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported an 18.8% annual gain in December, remaining the same from the previous month. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.3%.
Pending new home sales fall 4.8 percent in January and 14.0 percent year-on-year
The New Home Pending Sales Index was 149.8 for January, down 4.8 percent from the previous month and representing a 14.0 percent decrease from January 2021, an exceptionally strong time for the new home market. The PSI is up 22.5 percent compared to two years ago.