9/27: MetroIntelligence Economic Update by P. DUFFY

August pending home sales index rose 1.6 percent from July and 2.5 percent year-on-year

The Pending Home Sales Index climbed 1.6% to 107.3 in August, reversing the prior month’s decrease. Year-over-year contract signings jumped 2.5%. An index of 100 is equal to the average level of contract activity.



2Q 2019 GDP growth remains at 2.0 percent in third and final estimate

Real gross domestic product (GDP) increased 2.0 percent in the second quarter of 2019, according to the “third” estimate released by the Bureau of Economic Analysis. The growth rate was the same as in the “second” estimate released in August. In the first quarter, real GDP rose 3.1 percent.



September consumer confidence drops 9.1 points due to trade and tariff tensions

Consumer confidence declined 9.1 points in September to 125.1, following a moderate decrease in August.  The escalation in trade and tariff tensions in late August appears to have rattled consumers. However, this pattern of uncertainty and volatility has persisted for much of the year and it appears confidence is plateauing. While confidence could continue hovering around current levels for months to come, at some point this continued uncertainty will begin to diminish consumers’ confidence in the expansion.