5/24: MetroIntelligence Economic Update by P. DUFFY

New home sales fell 6.9 percent in April but still up 7.0 percent year-on-year

Sales of new single-family houses in April 2019 were at a seasonally adjusted annual rate of 673,000. This is 6.9 percent below the revised March rate of 723,000, but is 7.0 percent above the April 2018 estimate of 629,000.

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May Markit Flash Index falls to 50.9, the slowest business expansion in three years

At 50.9 in May, down from 53.0 in April, the seasonally adjusted IHS Markit Flash U.S. Composite PMI Output Index indicated the slowest expansion in overall business activity since May 2016. The Services Business Activity Index fell from 53.0 to 50.9, the lowest in over three years. The U.S. Manufacturing PMI fell from 52.6 to 50.6, the lowest level since 2009.

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Gallup:  Job market confidence soars to 71 percent in May, the highest since 2001

Americans’ confidence in the U.S. job market is the highest in Gallup’s trend originating in 2001, with 71% in May saying now is a good time to find a quality job. This represents a significant improvement from March and April, when 65% each month rated the job market favorably. Today’s level is similar to February’s 69% reading.

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