U.S. Economic News
November 21, 2017
U.S. Economic Indicators
Existing home sales rose 2.0% to a seasonally adjusted annual rate of 5.48 million in October, but are 0.9% below year-ago levels. NAR notes that although the housing market gained some momentum last month, there remain significant issues of affordability and rising input costs for builders. NAR Report
The Chicago Fed National Activity Index rose from +0.36 (revised) in September to +0.65 in October. The production, sales, and employment components made positive contributions while the personal consumption & housing component contributed negatively. Chicago Fed Report
U.S. News
The Wall Street Journal reports that Fed Chair Janet Yellen will resign from the Fed’s board of governors after her term as chair ends. Though Yellen’s term as governor does not expire until 2024, it is customary for an outgoing Fed chair to also step down from the board of governors, which will leave four open spots on the board for the current administration to fill. WSJ
According to The Wall Street Journal, merger and acquisition activity has taken off in the U.S. in recent months. The leaders of companies that are contributing to this surge say that they are pursuing these deals to establish a bulwark against large technology firms, who are gaining an ever-increasing share of market power. WSJ