MetroIntelligence Economic Update by P. DUFFY
CPI rises less than expected, rising 0.4 percent in October and 7.7 percent year-on-year
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in October on a seasonally adjusted basis, the same increase as in September, and was up 7.7 percent year-on-year. The index for all items less food and energy rose 0.3 percent in October, after rising 0.6 percent in September, and was up 6.3 percent year-on-year. The increases were less than forecast.
https://www.bls.gov/news.release/cpi.nr0.htm
Housing affordability continued to fall in 3Q2022
According to the NAHB/Wells Fargo Housing Opportunity Index (HOI), just 42.2% of new and existing homes sold between the beginning of July and end of September were affordable to families earning the U.S. median income of $90,000. This marks the second consecutive record low for housing affordability in more than a decade, trailing the previous mark of 42.8% set in the second quarter.
https://eyeonhousing.org/2022/11/unsurprisingly-housing-affordability-continues-to-fall/
Revolving debt surges as credit card rates hit 18-year high
Consumer credit (ex-real estate) grew at a seasonal adjusted annual rate (SAAR) of 6.8% in the third quarter of 2022. Revolving debt increased at a 12.9% rate, more than double the pace of nonrevolving debt (+4.9%). Credit card interest rates reached 16.3%, the highest level since the inception of the data series in 1994. Between Q2 2020 and Q2 2021, revolving consumer credit outstanding as a share of the total steeply declined as stimulus checks were used to pay down credit card debt. The share has increased each quarter since.
https://eyeonhousing.org/2022/11/revolving-debt-surges-as-credit-card-rates-hit-18-year-high/
