1/25: METROINTELLIGENCE ECONOMIC UPDATE P. DUFFY

December existing home sales down 3.5 percent from November, but 2017 best in 11 years

Existing-home sales subsided in most of the country in December, but 2017 as a whole edged up 1.1 percent and ended up being the best year for sales in 11 years. In December, existing-home sales slipped 3.6 percent to a seasonally adjusted annual rate of 5.57 million from a downwardly revised 5.78 million in November. After last month’s decline, sales are still 1.1 percent above a year ago.

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November FHFA House Price Index up 0.4 percent from October and 6.5 percent year-on-year

The FHFA House Price Index (HPI) reported a 0.4 percent increase in U.S. house prices in November from the previous month.  From November 2016 to November 2017, house prices were up 6.5 percent.

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January Markit Flash US Composite Index shows fastest rise in five months

January data indicated another solid expansion of U.S. private sector business activity, underpinned by the fastest rise in new work for five months. Manufacturing production continued to increase at a much faster pace than service sector activity.

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CEO confidence rebounded in 4Q 2017 after two quarterly declines

CEO confidence rebounded in the final quarter of 2017, following back-to-back quarterly declines. CEOs’ short-term expectations for growth in both mature and emerging markets also improved, and they expressed the greatest optimism about short-term prospects in the U.S. In 2018, CEOs anticipate hiking prices by 2.1 percent, up from 1.3 percent last year.

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