8/2/2022 – MetroIntelligence Economic Update by P. DUFFY

MetroIntelligence Economic Update by P. DUFFY

June personal spending rises at more than twice the rate of personal income

Personal income increased 0.6 percent in June, disposable personal income (DPI) rose 0.7 percent and personal consumption expenditures (PCE) increased 1.1 percent, leading to a further decline in the personal savings rate to 5.1 percent.

https://www.bea.gov/news/2022/personal-income-and-outlays-june-2022

 

Inflation tracker PCE price index up 1.0 percent in June and 6.8 percent year-on-year

The inflation tracker PCE price index for June increased 1.0 percent, with prices for goods up 1.5 percent and prices for services up 0.6 percent. Excluding food and energy, the PCE price index increased 0.6 percent. Year-on-year, the PCE price index increased 6.8 percent, with goods up 10.4 percent and services rising 4.9 percent. Excluding food and energy, the PCE price index increased 4.8 percent from one year ago.

https://www.bea.gov/news/2022/personal-income-and-outlays-june-2022

 

Popularity of new homes rebounds to 21 percent in 2Q2022

After falling steadily for five quarters, the popularity of new homes rebounded in the second quarter of 2022, as 21% of prospective buyers reported looking for a newly-built home – up from 19% a quarter earlier.  A possible reason for this pivot is the recent growth in the inventory of new homes for-sale, while the supply of existing homes on the market remains very tight.

https://eyeonhousing.org/2022/07/some-buyers-turning-to-new-construction/