U.S. Economic News
October 25, 2017
U.S. Economic Indicators
New orders of manufactured durable goods rose 2.2% in September after increasing 2.0% (revised) in August, and are up 5.2% year-over-year. Excluding transportation, new orders rose 0.7% (up 5.5% Y/Y). Census Bureau Report
New home sales jumped 18.9% to a seasonally adjusted annual pace of 667,000 in September, and are 17.0% above the September 2016 rate. The median sales price rose to $319,700 and the inventory of new homes fell to 5.0 months at the current sales rate. Census Bureau Report
U.S. News
Laura Kusisto of the Wall Street Journal reports that 76% of renters believe that renting is cheaper than owning a home, up from 65% a year ago. Kusisto argues that this may explain lagging homeownership rates since the recession, as young people increasingly put off purchasing a home due to skyrocketing prices. WSJ
The Washington Post reports that House Ways and Means Committee Chair Kevin Brady says that there could in fact be changes to 401(k) retirement plans in the GOP tax reform effort. Brady also said that individuals are saving too little for retirement and that tax reform may create new incentives to save. WaPo