8/31: MetroIntelligence Economic Update by P. DUFFY

MetroIntelligence Economic Update by P. DUFFY

Pending homes sales slip 1.9 percent in June and 1.9 percent year-on-year

Pending home sales decreased 1.9% in June from both the prior month and from one year ago. Compared to the month before, contract signings rose in the Northeast and Midwest but fell in the South and West. Compared to one year ago, only the Northeast region saw an increase in contract signings.

https://www.nar.realtor/newsroom/pending-home-sales-fall-1-9-in-june

Personal income boosted 1.1 percent in July vs. 0.3 percent rise in consumer spending

Personal income increased 1.1 percent in July, disposable personal income (DPI) increased 1.1 percent and personal consumption expenditures (PCE) increased 0.3 percent versus 1.1 percent in June, leading to an increase in the personal savings rate to 9.6 percent.

https://www.bea.gov/news/2021/personal-income-and-outlays-july-2021

Inflation tracker PCE price index up 0.4 percent in July and x percent year-on-year

The PCE price index increased 0.4 percent in July and 4.2 percent year-on-year. Excluding food and energy, the PCE price index increased 0.3 percent in July and 3.6 percent year-on-year.  Most of the annual increase in the core index was due to durable goods, which rose 7.0 percent year-on-year.

https://www.bea.gov/news/2021/personal-income-and-outlays-july-202