The number of homes listed for sale increased 2.0% in the last month, while we usually see them taper in the autumn months. Half the increase in the recent Consumer Price Index index was a result of higher “shelter” costs. Increased supply is a great usher-in of price stability with the benefit of furnishing the prospective buyers with more options.
The Empire State Manufacturing Index dropped -4.6 this month, about halfway between the anticipated -7.0 decline and last month’s 1.9 register. The likewise ambiguous Manufacturing Payrolls reading on the other hand rose from 11 last month to 17 this month, while Manufacturing Wages rose $0.24 to $24.70/hour. The Mixed news makes it hard to infer any real market movement. The outcome of the ongoing UAW strike may push the manufacturing sector one way or the other.
