MetroIntelligence Economic Update by P. DUFFY
Initial unemployment claims rebound 6.3 percent to 898,000
In the week ending October 10, initial unemployment claims were 898,000, an increase of 53,000, or 6.3 percent, from the previous week’s revised level. Continuing claims during the week ending October 3 were 10,018,000, a decrease of 1,165,000, or 10.4 percent, from the previous week’s revised level. The total number of people claiming benefits in all programs for the week ending September 26 was 25,290,325, a decrease of 215,270, or .8 percent, from the previous week. Due to a two-week pause in the processing of initial claims in California, the state is reflecting its level prior to the pause, and any corrections will be revised in future reports.
September Producer Price Index rebounds year-on-year for first time since March
The Producer Price Index for final demand advanced 0.4 percent in September and was up 0.4 percent for the 12 months ended in September, the first advance since March. The index for final demand less foods, energy, and trade services — the ‘core index’ — advanced 0.4 percent in September, the largest increase since rising 0.4 percent in April 2019. For the 12 months ended in September, the core index moved up 0.7 percent, the largest advance since increasing 1.0 percent for the 12 months ended in March.
Luxury home sales jumped 41.5 percent in 3Q20, while sales of affordable homes fell 4.2 percent
U.S. luxury home sales increased 41.5 percent year over year in the third quarter, the largest jump since at least 2013. Meanwhile, sales of medium-priced homes climbed just 3 percent, and sales of affordable homes declined 4.2 percent, underscoring the coronavirus pandemic’s disparate impact on Americans with lower levels of wealth.
Index of Consumer Sentiment edges up in weekly report, but mostly flat since mid-September
The U.S. Index of Consumer Sentiment (ICS) equaled 92.3 as of Oct. 13, up 0.77 points from the prior week. While consumer confidence slightly increased this past week, it remains essentially flat since mid-September, when the average number of new daily cases began to increase after falling during the prior two months.