Gary Siegel

Pending home sales increased 1.5% to an index reading of 110.0 in September, after a revised 2.5% drop to 108.4 in August, according to a report released Thursday by the National Association of Realtors.

With the economy expanding, a tight labor market, and inflation moving toward 2%, gradual rate increases are in order, and the sooner the better, Federal Reserve Bank of San Francisco President and CEO John C. Williams said Friday.

The composite index of Leading Economic Indicators was up 0.2% in September following an unrevised 0.2% decline in August, the Conference Board reported Thursday.

Existing home sales rose 3.2% to a seasonally adjusted 5.47 million-unit rate in September from a downwardly revised 5.30 million sales pace the previous month, the National Association of Realtors announced Thursday.

The region's manufacturing sector expanded in October, although the general business conditions index declined to 9.7 from 12.8 in September, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.

Most districts saw modest or moderate expansion, while New York reported no change, according to the Beige Book, release by the Federal Reserve on Wednesday.

The University of Michigan's preliminary October consumer sentiment index reading was 87.9, compared to the final September 91.2, and the preliminary September 89.8, according to market sources.

Monetary policy is complicated by the aging population leaving the workforce, thereby lowering productivity, Federal Reserve Bank of Philadelphia President Patrick T. Harker said Thursday.

Labor market conditions were "little changed and momentum remained high in September," as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) gained to 0.11 in September from a revised 0.10 in August, first reported as 0.09, according to the Bank.

Consumer credit increased by $25.9 billion in August to $3.687 trillion, the Federal Reserve reported Friday.

The sensible move is to raise the federal funds rate target by 25 basis points, Federal Reserve Bank of Cleveland President Loretta J. Mester said in a televised interview Friday.

U.S. inflationary pressures were up in September, as the U.S. future inflation gauge gained to 113.1 from an upwardly revised 112.7 reading in July, first reported as 112.6, according to data released Friday morning by the Economic Cycle Research Institute.

Newly issued Treasury securities held in stripped form increased about $1.5 billion in September to a total of $224.946 billion, the Bureau of the Public Debt reported Thursday.

About 4,722,300 online job postings appeared on leading internet job boards in September, a decrease of 93,800 from August, the Conference Board reported Wednesday.

The U.S. services sector climbed in September as the non-manufacturing business activity composite index was 57.1 in the month, compared to 55.5 in August, on a seasonally adjusted basis, the Institute for Supply Management reported Wednesday.

Private-sector employment increased by 154,000 in September, on a seasonally adjusted basis, ADP estimated Wednesday.

The University of Michigan's final September consumer sentiment index reading was 91.2, compared to the preliminary September 89.8 and the final August 89.8, according to market sources.

The Chicago Purchasing Managers' Business Barometer rose to 54.2 in September from 51.5 in August, "recovering most of lost ground experienced in the previous month," the National Association of Purchasing Management-Chicago said Friday.

The Midwest Economy Index rose to negative 0.04 in August from a revised negative 0.16 in July, first reported as negative 0.14, the Federal Reserve Bank of Chicago said Friday.

Pending home sales decreased 2.4% to an index reading of 108.5 in August, after a revised 1.2% gain to 111.2 in July, according to a report released Thursday by the National Association of Realtors.