8/30: MetroIntelligence Econ Update,P.DUFFY
July Pending Home Sales Index down 0.7 percent from June and 2.3 percent year-on-year
The Pending Home Sales Index decreased 0.7 percent to 106.2 in July from 107.0 in June. With last month’s decline, contract signings are now down 2.3 percent year-over-year.
June Case-Shiller Index up 0.8 percent from May and 6.2 percent year-on-year
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 6.2% annual gain in June, down from 6.4% in the previous month. Before seasonal adjustment, the National Index posted a month-over-month gain of 0.8% in June.
State Street Investor Confidence Index dropped sharply in July due to higher uncertainties
The Global Investor Confidence Index decreased to 94.3, down 7.4 points from July’s revised reading of 101.7. After a few months of caution and measured risk appetite, global institutional investors have started to display risk-averse behavior as they navigate through elevated trade uncertainty and geopolitical turmoil.
2Q 2018 GDP growth rose to 4.2 percent in second of three estimates
Real gross domestic product (GDP) increased 4.2 percent in the second quarter of 2018, according to the “second” estimate released by the Bureau of Economic Analysis, or 0.1 percentage point more than the “advance” estimate released in July. In the first quarter, real GDP increased 2.2 percent.
August consumer confidence rises to highest level since October 2000
August consumer confidence increased to its highest level since October 2000 (Index, 135.8), following a modest improvement in July. Consumers’ assessment of current business and labor market conditions improved further. Expectations, which had declined in June and July, bounced back in August and continue to suggest solid economic growth for the remainder of 2018.
July trade deficit rose to $72.2 billion as imports rose more than exports
The international trade deficit was $72.2 billion in July, up $4.3 billion from $67.9 billion in June. Exports of goods for July were $140.0 billion, $2.5 billion less than June exports. Imports of goods for July were $212.2 billion, $1.8 billion more than June imports.
