7/25: MetroIntelligence Economic Update by P. DUFFY

July IHS Markit Flash PMI Index edges up to 51.6, services improve while manufacturing falls

At 51.6 in July, the seasonally adjusted IHS Markit Flash U.S. Composite PMI Output Index edged up from 51.5 in June.  The Manufacturing Purchasing Managers’ Index registered 50.0 in July, down from 50.6 in June and the lowest since September 2009, indicating stagnant business conditions. The U.S. Services Business Activity Index picked up to 52.2 in July, from 51.5 in June, to signal the strongest rise in service sector output for three months.

https://www.markiteconomics.com/Public/Home/PressRelease/185bc294d61c400d9b6463a1d54864be

 

June new home sales rose 7.0 percent from May and 4.5 percent year-on-year

Sales of new single-family houses in June 2019 were at a seasonally adjusted annual rate of 646,000. This is 7.0 percent above the revised May rate of 604,000 and is 4.5 percent above the June 2018 estimate of 618,000.  Months of inventory fell from 6.7 months in May to 6.3 months in June.

https://www.census.gov/construction/nrs/pdf/newressales.pdf

 

June existing home sales dropped 1.7 percent from May and 2.2 percent year-on-year

Total existing-home sales dropped 1.7% from May to a seasonally adjusted annual rate of 5.27 million in June, and were also down 2.2% from a year ago.  Unsold inventory is at a 4.4-month supply at the current sales pace, up from the 4.3 month supply recorded in both May and in June 2018.

https://www.nar.realtor/newsroom/existing-home-sales-falter-1-7-in-june