6/25: MetroIntelligence Economic Update by P. DUFFY

Existing home sales jumped 2.5 percent from April, but still down 1.1 percent year-on-year Total existing-home sales jumped 2.5% from April to a seasonally adjusted annual rate of 5.34 million in May. Total sales, however, are down 1.1% from a year ago.  Unsold inventory is at a 4.3-month supply at the current sales pace, up from both the 4.2 month supply in April and from 4.2 months in May 2018. https://www.nar.realtor/newsroom/existing-home-sales-ascend-2-5-in-may   Markit Flash PMI Output drops to 50.6 in June as business expansion weakens The IHS Markit Flash U.S….

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6/21: MetroIntelligence Economic Update by P. DUFFY

Federal Reserve keeps interest rates unchanged, releases new economic projections The Fed has just released new economic projections for 2019 through 2021, which were last updated in March.  For 2019, projected GDP growth is unchanged at 2.1 percent, the unemployment rate edges down from 3.7 to 3.6 percent, and the PCE inflation rate falls from 1.8 to 1.5 percent. Notably, the Federal Funds rate remains unchanged at 2.4 percent for 2019, but is projected to be lowered to 2.1 percent in 2020. However, in its statement, the Fed removed the…

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