12/20: MetroIntelligence Economic Update by P. DUFFY

November existing home sales tumble 1.7 percent from October, but up 2.7 percent year-on-year

November total existing-home sales decreased 1.7 percent from October to a seasonally-adjusted annual rate of 5.35 million in November, but were up 2.7 percent year-on-year. Unsold inventory sits at a 3.7-month supply at the current sales pace, down from 3.9 months in October and from the 4.0-month figure recorded in November 2018.



November Leading Economic Index unchanged after three months of declines

The US Leading Economic Index (LEI) was unchanged in November at 111.6 after three consecutive monthly declines. Strength in residential construction, financial markets, and consumers’ outlook offset weakness in manufacturing and labor markets. While the six-month growth rate of the LEI remains slightly negative, the Index suggests that economic growth is likely to stabilize around 2 percent in 2020.



Industrial production rebounds 1.1 percent in November, but down 0.8 percent year-on-year

Due in large part to the end of the strike at GM, industrial production and manufacturing production both rebounded 1.1 percent in November after declining in October. Excluding motor vehicles and parts, the indexes for total industrial production and for manufacturing moved up 0.5 percent and 0.3 percent, respectively. Still, total industrial production was 0.8 percent lower in November than it was a year earlier.