8/1: METROINTELLIGENCE ECONOMIC UPDATE by P.Duffy

Pending Home Sales Index rebounded 1.5 percent in June after three months of declines

The Pending Home Sales Index climbed 1.5 percent on June. The index also increased year-on-year for the first time since March, rising 0.5 percent.

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2Q 2017 GDP grew by 2.6 percent in advance estimate

Real gross domestic product increased at an annual rate of 2.6 percent in the second quarter of 2017 according to the “advance” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 1.2 percent.

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2Q 2017 employment cost index rose 0.5 percent, up 2.4 percent year-on-year

Compensation costs for civilian workers increased 0.5 percent, seasonally adjusted, for the 3-month period ending in June 2017. Wages and salaries (which make up about 70 percent of compensation costs) increased 0.5 percent, and benefits (which make up the remaining 30 percent of compensation) increased 0.6 percent.  These same total costs increased 2.4 percent for the 12-month period ending in June 2017.

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July consumer confidence index down 5.1 points from January

Consumer confidence remained largely unchanged at the same favorable level recorded at mid-month. The overall Sentiment Index has declined by 5.1 Index-points since the January peak, which was the highest figure in a dozen years.

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Chicago Business Barometer fell sharply in July but still well into positive territory

The MNI Chicago Business Barometer fell to 58.9 in July from 65.7 in June, the lowest level in three months.  Each of the five Barometer components receded from last month but remained above their respective 12-month averages.

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