2/24/2022 – MetroIntelligence Economic Update by P. DUFFY
MetroIntelligence Economic Update by P. DUFFY
Economic output index shows strong rebound in February
The IHS Markit Flash US Composite PMI Output Index leapt from an 18-month low of 51.1 in January to 56.0 in February, which is a substantial expansion in private sector output far higher than the series average. Prices charged for goods and services in the US rose at a record pace in February, as companies continued to pass along higher costs to their clients.
Case Shiller annual increase flattens out to 18.8 percent in December
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported an 18.8% annual gain in December, remaining the same from the previous month. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.3%.
Pending new home sales fall 4.8 percent in January and 14.0 percent year-on-year
The New Home Pending Sales Index was 149.8 for January, down 4.8 percent from the previous month and representing a 14.0 percent decrease from January 2021, an exceptionally strong time for the new home market. The PSI is up 22.5 percent compared to two years ago.