Advisor Advocate Logo: A Financial Services Blog from Nationwide
About the blog

Weekly economic review & outlook
Looking for positivity beyond the headlines

OCT. 21, 2019

You Need to Know

Week in review

Retail sales surprise to the downside

Retail spending fell 0.3 percent in September, countering what had been an improved pace of consumer spending in recent months.

Housing starts down too for September

Starts declined entirely due to a plunge in multifamily units while single-family construction continues to trend higher.

Week Ahead

Forecasts

Existing home sales up slightly in September

Existing home sales are likely to increase with low mortgage rates continuing to boost housing affordability.

New home sales also on the rise

New home sales are expected to rise as low inventory on existing homes pushes more buyers into the market for new homes.

Economic data were decidedly downbeat last week as retail sales, housing starts and industrial production for September all missed expectations. Estimates for real GDP growth in the third quarter have fallen below 2.0 percent, signaling a further waning of economic activity this year. Still, there is little sign that a recession is coming soon even as the economy downshifts a bit.

NFM-9898AO.7