8/1: MetroIntelligence Economic Update by P. DUFFY

June pending home sales up 2.8 percent form May and 1.6 percent year-on-year

June pending home sales moved up 2.8 percent from May, and were also up 1.6 percent year-on-year, ending a 17-month streak of annual decreases. This bodes well for an increase in existing home sales for June and July.



Case-Shiller:  Annual home price increase slips to 3.4 percent in May

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 3.4% annual gain in May, down from 3.5% in the previous month.  Las Vegas, Phoenix and Tampa reported the highest year-over-year gains among the 20 cities. Before seasonal adjustment, the National Index posted a month-over-month increase of 0.8% in May.



ADP:  Private sector jobs grew 156,000 in July

Private-sector employment increased by 156,000 from June to July.  This compares to 112,000 new jobs in June and 284,000 in July of 2018.  A more comprehensive overview of the U.S. job market will be released on Friday, August 2.



Personal income, consumer spending and savings rate all rose in June

In June, both personal income and disposable personal increased 0.4 percent while personal consumption expenditures (PCE) increased 0.3 percent, leading to a slight increase in the personal savings rate to 8.1 percent.