Episode 54: After weeks of economic data blackouts, some delayed reports have released, giving us a better picture of inflation, jobs and housing.
- The Bureau of Economic Analysis’ latest Personal Income and Outlays report indicates Core Personal Consumption Expenditure Price index rose 0.2% in September and 2.8% year over year. That was slightly softer than expected.
- Personal income grew 0.4% in September, beating forecasts. Spending was light, rising 0.3%.
- The Producer Price Index rose 0.3% in September after a 0.1% dip the prior month and was up 2.7% year-over-year. Most of the monthly gain came from energy prices which jumped 3.5%, including an 11.8% spike in gasoline.
- The S&P CoreLogic Case-Shiller Index showed national home prices up 1.3% year-over-year in September, which was the weakest growth since mid-2023.
- Pending home sales rose 1.9% in October but remained 0.4% below a year earlier.
- MBA mortgage applications fell 1.4% last week. Refinances slipped 4% but remain 100%+ above last year.
- The average 30-year fixed mortgage rate eased to 6.32%.
- The ADP National Employment Report showed private employers cut 32,000 jobs in November. Small businesses lost 120,000 jobs.
- Pay growth slowed to 4.4% for job-stayers while job-changers saw growth of 6.3%.
- The Conference Board’s Consumer Confidence Index fell sharply to 88.7, with expectations dropping to 63.2. That was well below recession-signal territory.
For more information on the state of the U.S. Economy, including forecasts, watch all the episodes of the Economy Express series.
