11/21: MetroIntelligence Economic Update by P. DUFFY

Leading Economic Index grew by a strong 1.2 percent in October

The US LEI increased sharply in October, as the impact of the hurricanes dissipated. The growth of the LEI, coupled with widespread strengths among its components, suggests that solid growth in the US economy will continue through the holiday season and into the new year.

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October housing starts rebound 13.7 percent from September, down 2.9 percent year-on-year

Privately-owned housing starts in October were at a seasonally adjusted annual rate of 1,290,000. This is 13.7 percent above the revised September estimate of 1,135,000, but is 2.9 percent below the October 2016 rate of 1,328,000.

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October building permits rebound 5.9 percent from September, up 0.9 percent year-on-year

Privately-owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,297,000. This is 5.9 percent above the revised September rate of 1,225,000 and is 0.9 percent above the October 2016 rate of 1,285,000.

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3Q 2017 online retail sales up 15.5 percent year-on-year vs. 4.3. percent for all retail

After being adjusted for seasonal variations, U.S. retail e-commerce sales for the third quarter of 2017 were $115.3 billion, an increase of 3.6 percent from the previous quarter and 15.5 percent year-on-year. The share of e-commerce sales in the third quarter of 2017 accounted for 9.1 percent of total sales, up from 8.9 percent the previous quarter and 8.2 percent year-on-year.

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