U.S. Immigration follows U.S. economic trends: On September 19, the National Association of Realtors (NAR) released data showing that U.S. existing-home sales in August rose by 1.7% to an annual rate of 5.48 million units, the highest level since early 2007. Additionally, a survey by the Federal Reserve Bank of Philadelphia shows that the manufacturing sector is also showing signs of accelerated growth; in September, the manufacturing index for the mid-Atlantic region recorded its largest gain in two and a half years, and business optimism regarding the economic outlook reached a 10-year high, suggesting that the drag from rising borrowing costs is gradually moderating. Data released by The Conference Board shows that the U.S. leading indicator in August rose by 0.7%, 0.1% higher than expected, indicating that the economy has not been affected by rising borrowing costs.
