3/26: MetroIntelligence Economic Update by P. DUFFY

February existing home sales rebounded at sharpest rate since Dec. 2015

Existing home sales rebounded 11.2 percent in February, for the sharpest monthly gain since Dec. 2015, although sales were still down 1.8 percent year-on-year. The median home price rose 3.6 percent year-on-year to a $249,500, while inventory ended February with a 3.5-month timeline, down from 3.9 months in January.

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Markit Flash PMI Output Index slows to 54.3 in March, but still in growth mode

At 54.3 in March, down from 55.5 in February, the IHS Markit Flash U.S. Composite PMI Output Index pointed to the weakest upturn in private sector business activity since September 2018.

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Chicago Fed National Activity Index edged down in February

A softening economy:  The Chicago Fed National Activity Index (CFNAI) edged down to -0.29 in February from -0.25 in January. The index’s three-month moving average, CFNAI-MA3, moved down to -0.18 in February from a neutral reading in January.

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