Monday , 11 December 2017

Michael Neal

Michael Neal
Michael Neal is a Senior Economist at the National Association of Home Builders based in Washington D.C. In this capacity, Mr. Neal’s research involves monitoring housing finance issues that impact the U.S. housing market. As a housing economist, Mr. Neal has provided expert analysis and commentary on housing to media outlets around the country. Prior to joining NAHB, Michael worked at the Congress’ Joint Economic Committee, the Federal Reserve, the Congressional Budget Office and Goldman Sachs. He holds a B.A. degree in Economics from Morehouse College, an M.P.A. from the University of Pennsylvania.

Growth in Q3 a Bit Stronger Than Initially Estimated

By Michael Neal The Bureau of Economic Analysis (BEA) reported that economy, as measured by growth in real gross domestic product (GDP) rose by 3.3 percent in the third quarter of 2018. The second estimate of Q3 GDP growth is moderately higher than the initial, or “advance”, estimate. With this reading, GDP growth has accelerated for two consecutive quarters after …

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Mortgage Rates Remain Low

By Michael Neal Information provided by the Federal Housing Financing Agency indicates that mortgage rates on purchases of newly built homes fell by 5 basis points over June to 3.93 percent. At this level, rates remain below the 4.18 peak level recorded in February. Meanwhile, a more commonly used rate reported by Freddie Mac indicates that mortgage rates rose in …

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AD&C Financing Conditions Ease At A Slower Pace

By Michael Neal Builders and developers responding to NAHB’s AD&C Financing Survey continue to report easing credit conditions for acquisition, development, and single-family construction loans. In the third quarter of 2017, the overall net tightening index based on the AD&C survey was -7.7, indicating net easing. All major categories of AD&C financing also recorded net easing, with lending standards on …

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Core Inflation Ticks Up

By Michael Neal The Bureau of Labor Statistics reported that prices faced by urban consumers rose by 0.1 percent over the month of October, slowing down from the 0.5 percentage point increase in September and the 0.4 percentage point rise in August. Over the past year, headline CPI grew by 2.0 percent on a not seasonally adjusted basis, slower than …

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Fed Survey Confirms Broader Economic Improvement

By Michael Neal Information provided by the Federal Reserve Board in its October 2017 release of the Senior Loan Officer Opinion Survey (SLOOS) indicates that lending standards on commercial and industrial (C&I) loans to large and medium-sized firms continue to ease on net. The continued easing in standards on C&I loans suggests that that the loan stock of C&I loans …

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Private Inventories Contribute to Q3 GDP Growth

By Michael Neal The Bureau of Economic Analysis (BEA) reported that real gross domestic product (GDP) rose by 3.0 percent over the third quarter on a seasonally adjusted annual rate basis. However, residential fixed investment (RFI) fell by 6.0 percent over the quarter. Despite the decline in the RFI component, the contribution of gross private investment to GDP growth rose, …

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Fed Leaves Rates Unchanged, Current Range Deemed “Accommodative”

By Michael Neal On Wednesday, November 1, the Federal Open Markets Committee (“FOMC”) decided to leave its interest rate, the federal funds rate, unchanged at a range of 1.00 to 1.25 percent. Although the effects of the past hurricanes have reversed the longer trend in both employment and inflation, the hurricanes’ impacts are expected to fade and the longer-trend will …

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Jerome Powell Nominated to Lead the Fed

By Michael Neal President Trump has nominated Jerome H. Powell to be the next Chairman of the Board of Governors of the Federal Reserve System. In his role as Chairman of the Board of Governors (“the Board”), Mr. Powell would also chair the Federal Open Markets Committee (“FOMC”), the monetary policy decision making body composed of the other Federal Reserve …

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