Manufacturing in the Philadelphia region picked up this month which is good news for the sector given the recent slowdown due to the trade issues between China and the US. The Philadelphia Fed Index jumped 5 points in November to 10.4 and above the 5.5 expected. Most firms reported overall increases this month in manufacturing employment this month. In conclusion, firms remain generally optimistic on the economy.
The National Association of REALTORS reports that Existing Home Sales rose 2% in October from November to an annual rate of 5.46 million units, near expectations. Sales were also up 4.6% from a year ago. Across the nation, the Midwest and the South saw growth with the Northeast and the West both reporting a drop in sales. Lawrence Yun, NAR’s chief economist, said, “We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”
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