9/20: MetroIntelligence Economic Update by P. Duffy

Builder confidence surges to 65 in August

Builder confidence in the market for newly built, single-family homes in September jumped six points to 65 from a downwardly revised August reading of 59 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today. This marks the highest HMI level since October 2015.

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CPI rose 0.2 percent in August and 1.1 percent over previous 12 months

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent in August on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics

reported today. Over the last 12 months, the all items index rose 1.1 percent before seasonal adjustment.

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Consumer confidence unchanged in September

Confidence was unchanged in early September from the August final and barely different from the July reading. Small and offsetting changes have taken place in the third quarter 2016 surveys: modest gains in the outlook for the national economy have been offset by small declines in income prospects as well as buying plans. 

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Empire State Manufacturing Survey edges lower in September

Business activity edged lower in New York State, according to firms responding to the September 2016 Empire State Manufacturing Survey.  Indexes for the six-month outlook suggested that firms generally expect conditions to improve in the months ahead.

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