1/3: MetroIntelligence Economic Update by P. DUFFY

Case-Shiller Index up 0.5 percent in October and 3.5 percent year-on-year

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 3.3% annual gain in October, up from 3.2% in the previous month.  After seasonal adjustment, the National Index recorded a 0.5% month-over-month increase in October while the 10-City and 20-City Composites both posted a 0.4% increase.



December consumer confidence slips 0.3 points as short-term outlook declines

Consumer confidence declined 0.3 points in December to 126.5, following a slight improvement in November. While consumers’ assessment of current conditions improved, their expectations declined, driven primarily by a softening in their short-term outlook regarding jobs and financial prospects. While the economy hasn’t shown signs of further weakening, there is little to suggest that growth, and in particular consumer spending, will gain momentum in early 2020.



December planned job cuts declined, but overall 2019 levels highest since 2015

Job cuts announced by U.S.-based employers fell for the second consecutive month in December to 32,843, the lowest monthly total July 2018 and down 26.3 percent from the previous month as well as declining 25.2 percent year-on-year.  For all of 2019, employers announced 592,556 job cuts from their payrolls in 2019, up 10 percent from 2018 and the highest level since 2015.