October new home sales declined month-over-month…New home sales declined 17.3% in October to a seasonally adjusted annual rate of 610,000 units according to Briefing.com. The consensus was 718,000.What does it mean - while the average sales price increased 9.4% to $545,800, Year-over-year the number of new home sales were down 9.4%. Chalk it up to interest rates and persistent inflation.Manufacturing capacity continues to sink…Over the last couple of years we have seen manufacturing capacity continue to fall.What does it mean – The October ISM Manufacturing Index checked in at 46.5% (Briefing.com consensus 47.6%) versus 47.2% in September. The dividing line between expansion and contraction is 50.0%. This reading from October is the lowest in 2024.After seeing the economy snap back from the forced shutdowns and massive stimulus, this election has proved that policy matters.
