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.
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.
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.