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Monday, July 27, 2009
Economic UpdatesLast Week in the News
On
Monday, July 20, the Conference Board reported that its index of leading economic indicators rose 0.7% in June after a revised
1.3% gain in May. It was the third straight monthly increase and an indication the recession might be nearing an end. Economists
had expected an increase of 0.4%.
According to the ICSC-Goldman Sachs index, retail sales rose 0.5% in the week ending July 18. On a year-on-year
basis, retailers saw sales decrease by 0.3%.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications
for the week ending July 17 rose 2.8% to 528.9. Purchase volume rose 1.3% to 262.1. Refinancing applications increased 4%
to 2089.7. The refinance share of mortgage activity increased to 55.5% of total applications from 54.9% the previous week.
Initial claims for
unemployment benefits rose by 30,000 to 554,000 in the week ending July 18. The figure was slightly higher than the 550,000
economists had forecast. The number of people continuing to claim jobless benefits in the week ending July 11 decreased by
88,000 to 6.23 million, the lowest level since April.
The National Association of Realtors said existing home sales rose 3.6% in June to a seasonally
adjusted annual rate of 4.89 million units from a revised level of 4.72 million units in May. June marks the third consecutive
monthly increase in existing home sales for the first time in five years, giving hope the housing crisis is ending.
Meanwhile, the Federal
Housing Finance Agency reported U.S. home prices rose 0.9% in May.
Upcoming on the economic calendar are reports on new home sales on July 27, durable goods orders
on July 29 and gross domestic product on July 31.
Provided by:
Judy Haller Senior Loan Officer
Prospect Mortgage
3985 Prince William Co. Pky., Suite 104
Woodbridge,
VA 22192
Office: (703) 590-7132
1:25 pm edt
Tuesday, July 21, 2009
Economic UpdatesLast Week in the News
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On Tuesday, July 14, the Labor Department reported that the producer price index, which tracks wholesale
prices, rose 1.8% in June, following a 0.2% increase in May. The increase was double what economists expected and largely
attributed to rising energy costs. Gasoline prices increased 18.5% and home heating oil rose 15.4%.
Retail sales rose 0.6% in June, following a 0.5% increase in May.
The gains were largely fueled by auto purchases and the rising cost of gasoline.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week
ending July 10 rose 4.3% to 514.4. Purchase volume fell 9.4% to 258.8. Refinancing applications jumped 17.7% to 2009.4.
The Labor Department reported that consumer inflation rose a seasonally adjusted 0.7%
in June, slightly higher than the 0.6% economists had forecast. It was the biggest monthly gain since July 2008 and was driven
by the increase in gasoline prices.
The Federal Reserve reported that industrial production at the nation’s factories,
mines and utilities fell 0.4% in June, compared to a revised 1.2% decrease in May. Economists had expected a decline of 0.7%
in June. The overall factory-operating rate was down to 68% of capacity in June, the lowest level since record-keeping began
in 1967.
Initial claims for unemployment benefits fell by 47,000 to 522,000 in the week ending July
11 from a revised figure of 569,000 in the previous week. The number of people continuing to claim jobless benefits in the
week ending July 4 plunged by a record 642,000 to 6.27 million, the lowest level since mid-April.
The National Association of Home Builders/Wells Fargo housing market index rose two points in July to 17.
An index reading below 50 indicates negative sentiment about the housing market.
Upcoming
on the economic calendar are reports on the index of leading economic indicators on July 20 and existing home sales on July
23.
Provided by: Judy Haller Senior
Loan Officer
Prospect Mortgage
3985 Prince William Co. Pky., Suite 104
Woodbridge, VA 22192
Office:
(703) 590-7132
1:04 pm edt
Wednesday, July 15, 2009
Economic UpdatesLast Week in the News
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On Monday, July
6, the Institute for Supply Management reported the monthly index of non-manufacturing activity rose in June to 47 from 44
in May. Economists had expected a reading of 45.5. Figures below 50 indicate contraction. However, it was the best showing
since September 2008 when the index was at 50. Export orders were particularly strong, rising from 47 in May to 53.7 in June.
According to the ICSC-Goldman Sachs index, retail sales rose 0.1% in the week ending July 4.
On a year-on-year basis, retailers saw sales increase by 0.5%.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week
ending July 3 increased 10.9% to 493.1. Purchase volume rose 6.7% to 285.6. Refinancing applications jumped 15.2% to 1,707.7.
According to the Federal Reserve, consumer credit debt fell in May by $3.23 billion, an annual
rate of 1.54%. Economists had forecast consumer debt would drop $9.5 billion. Total consumer credit debt in May was $2.52
trillion. Meanwhile, the figures for April were upwardly revised. Consumers reduced their borrowing in April by $16.5 billion,
an annual rate of 7.8%.
Initial claims for
unemployment benefits fell by 52,000 to 565,000 in the week ending July 4 from a revised figure of 617,000 in the previous
week. The number of people continuing to claim jobless benefits in the week ending June 27 rose 159,000 to 6.88 million.
The Commerce Department said wholesalers reduced their inventories by 0.8% in May following
a revised 1.3% drop in April. Economists had expected a 1% decrease in May. It was the ninth straight monthly decline. Sales
at the wholesale level rose 0.2% in May.
Upcoming on the economic calendar are reports on wholesale inflation and retail sales on July 14,
the housing market index on July 16, and housing starts on July 17.
Provided by: Judy Haller Senior Loan Officer
Prospect Mortgage
3985 Prince William Co. Pky., Suite 104
Woodbridge,
VA 22192
Office: (703) 590-7132
11:02 am edt
Wednesday, July 8, 2009
Economic UpdatesLast Week in the News
On Tuesday, June 30, the Conference Board reported that its consumer confidence index fell to 49.3 in June
from a slightly revised 54.8 in May. Economists had expected an increase to 55. The index was benchmarked at 100 in 1985,
a year chosen because it was neither a peak nor a trough in consumer confidence.
The Standard & Poor’s
/ Case-Shiller 20-city housing price index dropped 18.1% from April 2008 to April 2009. It was the third straight month the
index didn't post record drops, indicating that the slump in home values might be easing.
The Institute for Supply Management
reported the monthly index of manufacturing activity rose to 44.8 in June from 42.8 in May. Though any reading below 50 signals
contraction, it was the sixth consecutive monthly increase from a record low of 32.9 in December.
The Commerce Department reported
total construction spending fell 0.9% in May. Economists had expected a 0.5% decline. Meanwhile, construction spending in
April was downwardly revised to a 0.6% gain. Also, a March increase of 0.4% was revised to a 0.4% drop.
The National Association of
Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, rose 0.1% to 90.7
in May from an upwardly revised 90.6 in April. It was the fourth consecutive monthly increase after the index hit a record
low in January.
The Commerce Department reported factory orders rose 1.2% in May, after a revised 0.5% increase in April.
It was the first back-to-back increase in nearly a year.
The Labor Department reported the jobless rate rose
to 9.5% in June from 9.4% in May. That’s the highest level since August 1983.
Upcoming on the economic calendar
are reports on consumer credit on July 8 and wholesale trade on July 9
Provided
by: Judy
Haller Senior Loan Officer
Prospect
Mortgage
3985 Prince William Co. Pky., Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
9:46 am edt
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