The Conference Board's Leading Economic Index for the United States declined 0.2% in August. While the index declined in August, its trend still points to moderate economic growth in the months ahead. The index predicts the economy 6-9 months forward. (CNBC)
Home resales fell in August by 0.9% to an annual rate of 5.33 million units hurt by a shortage of inventory. Home resales are still up 0.8% from one year ago. First-time homebuyers made up 31% percent of existing home sales in August. The number of unsold homes on the market fell 3.3% to 2.04 million in August. Inventories were down 10.1% compared to a year ago. At August's sales pace, it would take 4.6 months to clear the stock of houses on the market. A six-month supply is viewed as a healthy balance between supply and demand. One year ago it was 5.1 months. The median house price rose 5.1% from a year ago to $240,200 last month. (Reuters)
After his employees opened 1.5 million accounts and over half a million credit cards fraudulently without the clients’ consent, Wells Fargo CEO John Stumpf is resigning from his role as an advisor to the San Francisco Federal Reserve. (USA Today)
Join us this weekend for Financial Focus Radio when we will talk about fraud and how to protect yourself.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.