10/25: MetroIntelligence Economic Update by P. DUFFY

September new home sales fell 0.7 percent from August, but were up 15.5 percent year-on-year

Sales of new single‐family houses in September 2019 were at a seasonally adjusted annual rate of 701,000, down 0.7 percent from August but still up 15.5 percent year-on-year. Months of supply was flat from August at 5.5 months, but down from 6.4 months in September 2018.



October Markit U.S. Output Index shows sharpest increase since July to 51.2

The IHS Markit Flash U.S. Composite PMI Output Index reached 51.2 in October, up from 51.0 during September, to signal the sharpest increase in business activity since July.  The services index registered 51.0 in October, up fractionally from 50.9 in September and the highest reading since July.  The manufacturing index rose slightly to 51.5, up from 51.1 in September. Still, this rate of improvement was the fastest for six months, helped by stronger growth of output, new orders and employment.



September durable goods orders slip 1.1 from August and 5.4 percent year-on-year

Orders for long-lasting or durable goods fell 1.1 percent in September, for the first decline in three months, and business investment shrank again.  Year-on-year, orders declined 5.4 percent, for the steepest annual fall since the middle of 2016.