Separate report on Chicago PMI showed that the MNI Chicago Business Barometer remained stable at July’s level of 58.9, the joint-lowest level since April. While marking the eighteenth consecutive above-50 reading, this month’s unchanged result follows July’s sharp decline that snapped a run of five straight monthly increases in sentiment. Apart from Employment, all other components of the Barometer were above their respective levels seen last August with all of them were above their January levels, pointing to robust confidence among US firms.
Pending Home Sales declined by 0.8%
The Pending Home Sales Index a forward-looking indicator based on contract signings, decreased 0.8 percent to 109.1 in July from a downwardly revised 110.0 in June. After last month’s decline, the index is now 1.3 percent below a year ago and has fallen on an annual basis in three of the past four months. Lawrence Yun, NAR chief economist, says the staggering inventory woes throughout the country continue to stall contract activity.
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