The National Association of Home Builder’s monthly confidence index for October is up four points to 68, for the highest reading since May. Economists expected it to be unchanged at 64. Readings over 50 signal improvement. Every component increased, with current sales conditions and sales forecast over the coming six months both rising five points. Buyer traffic rose one point to 48. It has rarely topped the neutral 50 line, even at the peak of the housing bubble a decade ago. Later today the government will report September housing starts. The consensus forecast among economists is for a 1.17 million annual pace, down slightly from 1.18 million in August, despite the hurricanes.
The Commerce Department reports the cost of imported goods jumped 0.7% in September in the biggest gain in more than a year, led by fuel prices and industrial supplies. Excluding fuel, import prices rose a smaller 0.3%. Over the past 12 months the import price index has risen 2.7%, up from 2.1% in August. That’s still well below a recent high of 4.7% in February. Export prices rose 0.8% last month.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
