6/25: MetroIntelligence Economic Update by P. DUFFY

Existing home sales jumped 2.5 percent from April, but still down 1.1 percent year-on-year

Total existing-home sales jumped 2.5% from April to a seasonally adjusted annual rate of 5.34 million in May. Total sales, however, are down 1.1% from a year ago.  Unsold inventory is at a 4.3-month supply at the current sales pace, up from both the 4.2 month supply in April and from 4.2 months in May 2018.



Markit Flash PMI Output drops to 50.6 in June as business expansion weakens

The IHS Markit Flash U.S. Composite  PMI Output Index dropped  to  50.6  in June from 50.9 in May, signaling the weakest expansion of business activity in over  three  years. The U.S. Manufacturing PMI at fell to 50.1 from 50.5 in May (a 117-month low), while the U.S. Services Business  Activity  Index fell to 50.7 from 50.9 in May (a 40-month low).


National Activity Index showed rise in economic growth in May

Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) rose to -0.05 in May from -0.48 in April. The index’s three-month moving average, CFNAI-MA3, moved up to -0.17 in May from -0.37 in April.