4/24: MetroIntelligence Economic Update by P. DUFFY

March existing home sales up 1.1 percent from February but still down 1.2 percent year-on-year

Total existing-home sales rose 1.1 percent to a seasonally adjusted annual rate of 5.60 million in March. Despite last month’s increase, sales are still 1.2 percent below a year ago. The median existing-home price for all housing types in March was $250,400, up 5.8 percent from March 2017 ($236,600).

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March Chicago Fed National Activity index fell due to slower growth

Led by slower growth in production- and employment-related indicators, the Chicago Fed National Activity Index (CFNAI) declined to +0.10 in March from +0.98 in February. The index’s three-month moving average, CFNAI-MA3, decreased to +0.27 in March from +0.31 in February.

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US private sector output rises solidly in April, underpinned by fastest new order growth since March 2015

At 54.8 in April, up from 54.2 in March, the seasonally adjusted IHS Markit Flash U.S. Composite PMI Output Index indicated a faster upturn in business activity across the private sector.

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