1/10: MetroIntelligence Economic Update by P. DUFFY

Global Composite Output Index ends 2019 with an eight-month high of 51.7

The J.P.Morgan Global Composite Output Index rose to an eight-month high of 51.7 in December, up from 51.4 in November. The headline index has posted above the neutral 50.0 mark that separates expansion from contraction in each of the past 87 months.



Mortgage applications dip due to seasonal slowdown, rates drop slightly

The Market Composite Index decreased 1.5 percent on a seasonally adjusted basis from two weeks earlier, with purchase loans up 5 percent (and up 2 percent year-on-year) and refinance activity falling 8 percent (but up 74 percent year-on-year). The average contract interest rate for 30-year fixed-rate mortgages decreased to 3.91 percent from 3.95 percent.



Consumers pared down revolving debt in November, while non-revolving credit still rose

In November, consumer credit increased at a seasonally adjusted annual rate of 3.50 percent, but it looks like consumers are paying down credit card debt. Revolving credit (such as credit card balances) decreased at an annual rate of 2.75 percent, while nonrevolving credit (such as loans for cars and students) increased at an annual rate of 5.75 percent.