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Philly Fed Manufacturing Index Beats Forecasts
Manufacturing conditions in the Philadelphia area beat forecasts in September, as a survey of executives reported the highest levels of current activity since June 2007.rnrnThe Philadelphia Fed’s Business Outlook survey advanced 10 points to +14.1, marking the second straight month of growth in the region covering eastern Pennsylvania, southern New Jersey, and Delaware. Forecasts were for +8.0rnrnA third of the firms surveyed reported more activity in September, compared to 19% that said conditions deteriorated since August. This is broadly in line with the Tuesday’s Empire State survey from the New York Fed, which bounced up 7 points to 18.9. In
New Jobless Claims Fall for 2nd Straight Week. Continuing Claims Higher
Declines in the labor market appear to have moderated for the second consecutive week, as 545,000 Americans filed for initial claims for unemployment benefits in the week ending Sept. 12. That’s the lowest level since early July, but it's not a reason to be too optimistic. rnrnThe weekly figure is far above what is needed to show any stabilization in the labor market, but the trend is in the right direction. The previous week’s figure was, unfortunately, revised up 7k to 557k, but that’s still below the 4-week average of 563,000. For the jobs market to be in stabilization mode,
Multi-Family Building Increases 35.3% in August. Single-Family Starts Down 3.0%
The total number of housing starts came in at 598k, just 2k below the consensus forecast. But, rather than being driven by single-family starts, the number was elevated due to revisions for July ― 589k compared to an original estimate of 581k ― and a boost in multi-family units, which may bottomed out in July.New construction projects for single-family homes slid 3.0% in August, pushing the annualized rate to 479k from the revised July read of 494k new starts per year.Starts for multi-family units pushed up 35.3% in the month, putting the annualized pace up 30k to 115k.
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