10/23: MetroIntelligence Economic Update by P. DUFFY

September existing home sales up 0.7 percent from August but down 1.5 percent year-on-year

After three straight monthly declines, existing-home sales slightly reversed course in September and rose by 0.7 percent, but ongoing supply shortages and recent hurricanes muted overall activity and caused sales to fall back on an annual basis, falling by 1.5 percent.

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Chicago Fed’s National Activity Index improved strongly in September

Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) moved up to +0.17 in September from -0.37 in August. The index’s three-month moving average, CFNAI-MA3,was unchanged at -0.16 in September.

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