Rundown of Tuesday U.S. Data Releases

September 27, 2022

Home price inflation decelerated in July to a 15-month low of 16.1% according to the Case-Shiller index and to a 17-month low of 13.9% meaured by the FHFA index.

The Dallas Fed manufacturing survey index weakened 4.3 points to a 2-month low of -17.2 in September, but the Richmond Fed manufacturing index recovered eight index points to a 2-month high of zero.

After back-to-back monthly slides in new home sales of 8.5% in June and a similar 8.6% in July, such rebounded by 28.8% in August, the biggest increase in 26 months and were only 0.1% fewer than sales in August 2021.

Aided by a 1.3% jump in non-defense, non-aircraft demand, durable goods orders dipped less sharply in August (only 0.2%) than was forecast. Also, the Conference Board’s consumer confidence index improved for a second straight month, printing at 108.0 in September versus 95.3 in July.

Taken in tandem and in the context of other data released recently, the U.S. economy is performing more resiliently than Europe’s and does not appear to have entered recession. A more pronounced slowdown will be needed to sustain the desired deceleration of inflation. U.S. equity movements today have been in the black.

Copyright 2022, Larry Greenberg. All rights reserved. No secondary distribution without express permission.

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