8/20: MetroIntelligence Economic Update by P. DUFFY

Consumer sentiment slips in early August survey following interest rate cut

Consumer sentiment declined in early August to its lowest level since the start of the year, falling 6.4 percent from July and 4.3 percent year-on-year to 92.1. For consumers, the first cut in interest rates in a decade was to increase apprehensions about a possible recession, and suggested they may need to reduce spending in anticipation of a potential recession.

http://www.sca.isr.umich.edu/

 

July housing starts fell 4.0 percent from June but up 0.6 percent year-on-year

Privately‐owned housing starts in July were at a seasonally adjusted annual rate of 1,191,000.  This is 4.0 percent below the revised June estimate of 1,241,000, but is 0.6 percent above the July 2018 rate of 1,184,000.

https://www.census.gov/construction/nrc/pdf/newresconst.pdf

 

July building permits rose 8.4 percent from June and 1.5 percent year-on-year

Privately‐owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,336,000.  This is 8.4 percent above the revised June rate of 1,232,000 and is 1.5 percent above the July 2018 rate of 1,316,000.

https://www.census.gov/construction/nrc/pdf/newresconst.pdf

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