2/22: MetroIntelligence Economic Update by P. DUFFY

January existing home sales declined 8.5 percent year-on-year to 3-year low

January total existing-home sales decreased 1.2 percent from December to a seasonally adjusted annual rate of 4.94 million. Sales are now down 8.5 percent from a year ago to the lowest level in three years.

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February economic index activity rises 1.4 points to 55.8 due to strength in services

The seasonally adjusted IHS Markit Flash U.S. Composite PMI Output Index picked up from 54.4 in January to 55.8 in February, which signalled the strongest rate of private sector output since June 2018, with the rise all occurring in the service sector.

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