Case Shiller Index up 0.5 percent in August and 5.9 percent year-on-year

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 6.1% annual gain in August, up from 5.9% in the previous month. Before seasonal adjustment, the National Index posted a month-over-month gain of 0.5% in August.

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October consumer confidence rises to highest level in almost 17 years

Consumer confidence increased to its highest level in almost 17 years October after remaining relatively flat in September. Consumers’ assessment of current conditions improved, boosted by the job market which had not received such favorable ratings since the summer of 2001.

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Employee compensation costs up 0.7 percent in 3Q 2017 and 2.5 percent year-on-year

Compensation costs for civilian workers increased 0.7 percent, seasonally adjusted, for the 3-month period ending in September 2017. Wages and salaries increased 0.7 percent, and benefits increased 0.8 percent. Costs increased 2.5 percent for the 12-month period ending in September 2017.

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State Street Investor Confidence Index hits 6-month low on concerns about more hawkish Fed Chair

The State Street Global Investor Confidence hits 6-month low in October, declining by 7.5 points to 96.9. Confidence in all three regions drops amidst the increasing potential for a new Fed Chair.

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October Chicago Business Barometer rises to highest level since March 2011

The MNI Chicago Business Barometer rose to 66.2 in October, up from 65.2 in September, hitting the highest level since March 2011.

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Lennar to buy CalAtantic to become No. 1 home builder

Home builder Lennar has announced an industry-changing purchase of CalAtlantic (itself the merger of Ryland and Standard Pacific in 2015):

The business combination will create the nation's largest homebuilder with the last twelve months of revenues in excess of $17 billion and equity market capitalization, based on current market prices, of approximately $18 billion. The combined company will control approximately 240,000 homesites and will have approximately 1,300 active communities in 49 markets across 21 states, where approximately 50% of the U.S. population currently lives.

It is currently anticipated that the transaction will generate annual cost savings and synergies of approximately $250 million, with approximately $75 million achieved in fiscal year 2018. These synergies are expected to be achieved through direct cost savings, reduced overhead costs and the elimination of duplicate public company expenses. Additional savings are also expected through production efficiencies, technology initiatives, and the roll out of Lennar's digital marketing and dynamic pricing programs.

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Inflation tracker PCE Price Index up 0.4 percent in September and 1.6 percent year-on-year

The PCE price index increased 0.4 percent in September, and was up 1.6 percent year-on-year. Excluding food and energy, the PCE price index increased 0.1 percent, and was up 1.3 percent year-on-year.

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Personal income up 0.4 percent in September while spending spiked up 1.0 percent

Both personal income and disposable income increased 0.4 percent in September, while personal consumption expenditures (PCE) increased by a much sharper 1.0 percent. The August and September estimates of personal income and outlays reflect the effects of Hurricanes Harvey and Irma.  Partly as a result, the personal savings rate slipped to 3.1 percent, down from 3.6 percent in August and the lowest rate since December 2007, at the beginning of the Great Recession.

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Consumer sentiment slips slightly in late October but still at high levels

Consumer sentiment slipped ever so slightly in late October, despite remaining at its highest monthly level since the start of 2004. This is only the second time the Sentiment Index has been above 100.0 since the end of the record 1990's expansion, and its average during the first ten months of 2017 (96.7) has been the highest since 2000 (108.5).

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Third quarter GDP rose by 3.0 percent in first estimate

Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the third quarter of

2017 according to the "advance" estimate released by the Bureau of Economic Analysis. In the

second quarter, real GDP increased 3.1 percent.

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Initial unemployment claims rise by 10,000 in latest report

In the week ending October 21, initial unemployment claims were 233,000, an increase of 10,000 from the previous week's revised level. The 4-week moving average was 239,500, a decrease of 9,000 from the previous week's revised average.

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Mortgage applications fall 4.6 percent in latest survey as rates rise four basis points

The Market Composite Index decreased 4.6 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling 6 percent percent and refinances falling 3 percent. The average contract interest rate for 30-year fixed-rate mortgages increased to 4.18 percent from 4.14 percent.

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Weekly Bloomberg Consumer Comfort Index mostly flat in latest reading

Americans' confidence held steady last week, remaining near the highest level of the expansion, as faith in the buying climate improved while views on the economy deteriorated slightly.

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September Pending Home Sales Index flat from August, down 3.5 percent year-on-year on supply constraints

The Pending Home Sales Index was at 106.0 in September, unchanged from August.  The index is now at its lowest reading since January 2015 (104.7), is 3.5 percent below a year ago, and has fallen on an annual basis in five of the past six months.

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September durable goods orders up another 2.2 percent as global economy expands

Durable-goods orders rose 2.2 percent in September; excluding transportation orders increased 0.7 percent. American manufacturers have seen a resurgence in 2017, aided by strong demand at home and the best global economy in years.

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