MetroIntelligence Economic Update by P. DUFFY
Pending home sales fall 10.2 percent in September and 31.0 percent year-on-year
Pending home sales dropped for the fourth straight month, down 10.2% from August and 31.0% year-on-year. The Northeast PHSI descended 16.2% from last month to 64.2, a decline of 30.1% from September 2021. The Midwest index retracted 8.8% to 80.7 in September, down 26.7% from one year ago. The South PHSI faded 8.1% to 97.0 in September, a drop of 30.0% from the prior year. The West index slipped by 11.7% in September to 62.7, down 38.7% from September 2021.
https://www.nar.realtor/newsroom/pending-home-sales-waned-10-2-in-september
September personal income keeps up with inflation, consumer spending surges again
Personal income increased $78.9 billion (0.4 percent) in September, disposable personal income (DPI) increased $71.3 billion (0.4 percent) and personal consumption expenditures (PCE) increased $113.0 billion (0.6 percent). The CPI rose 0.4 percent in September, while the personal savings rate fell to 3.1 percent.
https://www.bea.gov/news/2022/personal-income-and-outlays-september-2022
Inflation tracker PCE price index up 0.3 percent in September and 6.2 percent year-on-year
The Fed-preferred PCE price index rose 0.3 percent in September (the same as August), and was up 6.2 percent year-on-year (also unchanged from August). The ‘core’ rate minus food and energy rose 0.5 percent (the same as August) and was up 5.1 percent year-on-year (versus 4.9 percent in August).
https://www.bea.gov/news/2022/personal-income-and-outlays-september-2022
Civilian compensation costs up 1.2 percent in 3Q2022 and 5.0 percent year-on-year
Compensation costs for civilian workers increased 1.2 percent, seasonally adjusted, for the 3-month period ending in September 2022, as wages and salaries increased 1.3 percent and benefit costs increased 1.0 percent. Year-on-year, compensation costs rose 5.0 percent as wages and salaries increased 5.1 percent and benefit costs rose 4.9 percent versus a rise of 8.2 percent in the CPI. As a point of comparison, wages and salaries rose 4.2 percent and benefits costs rose 2.5 percent, respectively, for the 12-month period ending in September 2021.
