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Monday, August 31, 2009
Economic UpdatesLast
Week in the News
The Commerce Department reported new home sales jumped 9.6% in July to a seasonally
adjusted annual rate of 433,000 from an upwardly revised rate of 395,000 in June. July’s sales pace was the highest
since September 2008. Economists had expected a sales pace of 390,000 units.
The Conference Board reported
that its consumer confidence index rose to 54.1 in August from a revised 47.4 in July. Economists had expected an increase
to 47.9. 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 rose 1.4% in June, following a
0.5% increase in May. The 1.4% gain was the most since June 2005. In the second quarter, the housing price index rose 2.9%.
It was the first quarterly gain since 2006.
Orders for durable goods — items expected
to last three or more years — rose 4.9% in July. It was the largest increase since July 2007. Economists had anticipated
orders for durable goods would rise 3%. Excluding automobiles and aircraft, durable goods rose 0.8%, the third consecutive
increase.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage
applications for the week ending August 21 rose 7.5% to 566.4 from 527 in the prior week. Purchase volume rose 1% to 280.4.
Refinancing applications increased 12.7% to 2,233.5.
Initial claims for unemployment benefits
fell by 10,000 to 570,000 in the week ending August 22. The figure was slightly higher than the 565,000 that economists had
forecast. The number of people continuing to claim jobless benefits in the week ending August 15 plunged by 119,000 to 6.13
million.
Upcoming on the economic calendar are reports on construction spending and pending
home sales on September 1, and factory orders on September 2.
Provided
by:
Judy Haller Senior Loan Officer
Prospect Mortgage
3985 Prince William Co. Pkwy. Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
9:25 pm edt
Tuesday, August 25, 2009
Economic UpdatesLast
Week in the News
Existing home sales rose 7.2% in July to a seasonally adjusted annual rate of
5.24 million units from a revised level of 4.89 million units in June. July marks the fourth consecutive monthly increase
in existing home sales and it was the largest monthly gain since record keeping began.
The National Association of Home Builders / Wells Fargo housing market index rose one point in August
to 18. It was the highest level since June 2008. An index reading below 50 indicates negative sentiment about the housing
market.
The combined construction of new single-family
homes and apartments in July decreased 1% to a seasonally adjusted annual rate of 581,000 units. This follows a 6.5% increase
in June. However, construction of new single-family homes rose 1.7% in July to a seasonally adjusted annual rate of 490,000
units.
The producer price index, which tracks wholesale
prices, fell 0.9% in July, following a 1.8% increase in June. Compared with a year earlier, wholesale prices were down 6.8%,
the most since a 5.3% decrease in August 1949.
The Mortgage
Bankers Association said its seasonally adjusted index of mortgage applications for the week ending August 14 rose 5.6% to
527. Purchase volume rose 3.9% to 277.7. Refinancing applications increased 6.9% to 1,982.5. The refinance share of mortgage
activity increased to 53.3% of total applications from 52.3% the previous week.
The index of leading economic indicators — designed to forecast economic activity in the next
three to six months — rose 0.6% in July after a revised 0.8% gain in June. It was the fourth straight monthly increase
and an indication the recession might be nearing an end.
Initial
claims for unemployment benefits rose by 15,000 to 576,000 in the week ending August 15. The figure was higher than the 550,000
that economists had forecast. The number of people continuing to claim jobless benefits in the week ending August 8 fell by
2,000 to 6.24 million.
Upcoming on the economic calendar
are reports on consumer confidence on August 25, and durable goods orders and new home sales on August 26.
Provided
by:
Judy Haller Senior Loan Officer
Prospect Mortgage
3985 Prince William Co. Pkwy.
Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
1:43 pm edt
Tuesday, August 18, 2009
Economic UpdatesLast Week in the News
On
Tuesday, August 11, the Labor Department said that productivity jumped at an annual rate of 6.4% in the second quarter of
2009. The increase was the biggest quarterly gain in nearly six years and follows a 0.3% increase in the first quarter. The Commerce Department said wholesalers
reduced their inventories by 1.7% in June, following a revised 1.2% drop in May. It was the 10th straight monthly decline.
Sales at the wholesale level rose 0.4% in June and 0.2% in May. It was the first back-to-back increase in a year. The trade deficit rose 4% to $27 billion
in June, from $26 billion in May. Exports rose 2% to $125.8 billion, indicating that demand for American-made goods is picking
up. Retail sales unexpectedly
fell 0.1% in July following an upwardly revised 0.8% increase in June. Economists had expected retail sales to rise 0.7% in
July. Initial claims for
unemployment benefits rose by 4,000 to 558,000 in the week ending August 8. The figure was higher than the 545,000 that economists
had forecast. The number of people continuing to claim jobless benefits in the week ending August 1 fell by 141,000 to 6.2
million. The Federal Reserve
reported that industrial production at the nation’s factories, mines and utilities rose for the first time in nine months.
The 0.5% increase in July followed a 0.4% decrease in June. The overall factory-operating rate rose to 68.5% of capacity in
July, up from a record low of 68.1% in June. The Reuters/University of Michigan consumer sentiment index for August fell to 63.2 from 66 in July. Economists
had forecast a reading of 69. Consumer
prices were unchanged in July, and for the year are down 2.1%, the biggest decline since 1950. Upcoming on the economic calendar are reports on the housing market index on August 17, housing starts
on August 18 and existing home sales on August 21.
Provided by:
Judy Haller Senior Loan Officer
Prospect Mortgage
3985 Prince William Co. Pky., Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
Monday, August 10, 2009
Economic UpdatesLast Week in
the News
On Monday, August 3, the Commerce Department reported total construction spending rose 0.3% in June
to $965.7 billion. Economists had expected a 0.5% decline. Meanwhile, construction spending in May was revised slightly upward
to a 0.8% decline. The Institute for Supply Management reported the monthly index of manufacturing activity rose to 48.9 in July
from 44.8 in June. Though any reading below 50 signals contraction, it was the seventh consecutive monthly increase from a
record low of 32.9 in December. The Commerce Department reported that consumer spending rose 0.4% in June after a revised 0.1% increase
in May. Personal income fell 1.3% in June after jumping a revised 1.3% in May. The National Association of Realtors reported that its pending
home sales index, a forward-looking indicator based on signed contracts, jumped 3.6% to 94.6 in June from an upwardly revised
91.3 in May. It was the fifth consecutive monthly increase after the index hit a record low in January. The Institute for Supply Management
reported the monthly index of non-manufacturing activity fell slightly in July to 46.4 from 47 in June. Economists had expected
a reading of 48. Figures below 50 indicate contraction. The Commerce Department reported factory orders rose 0.4% in June, after a revised 1.1% increase
in May. It was the third consecutive month of growth. Economists had expected a 1% drop. Initial claims for unemployment benefits
fell by 38,000 to 550,000 in the week ending August 1. The figure was much lower than the 580,000 that economists had forecast.
The number of people continuing to claim jobless benefits in the week ending July 25 increased by 69,000 to 6.31 million. Upcoming on the
economic calendar are reports on wholesale trade on August 11, retail sales on August 13 and consumer sentiment on August
14. Provided by:
Judy Haller Senior Loan Officer
Prospect Mortgage
3985
Prince William Co. Pky., Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
Thursday, August 6, 2009
Economic UpdatesLast Week in the News
On
Monday, July 27, the Commerce Department reported new home sales jumped 11% in June to a seasonally adjusted annual rate of
384,000 from an upwardly revised rate of 346,000 in May. It was the largest monthly increase in more than 8 years. Economists
had expected a sales pace of 360,000 units.
The Standard & Poor’s / Case-Shiller 20-city housing price index dropped 17.1% from
May 2008 to May 2009. However, there was a 0.5% increase in housing prices in May compared to the previous month. It was the
first rise in the monthly index since July 2006.
The consumer confidence index fell to 46.6 in July from 49.3 in June. Economists had expected
a slight decrease to 49. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough
in consumer confidence.
Orders
for durable goods — items expected to last three or more years — fell 2.5% in June, the first decrease in three
months. Economists had anticipated orders for durable goods would fall 0.6%. However, excluding automobiles and aircraft,
durable goods actually rose a robust 1.1%, a much better performance than the flat reading economists had expected.
Initial claims for unemployment
benefits rose by 25,000 to 584,000 in the week ending July 25. The figure was higher than the 575,000 that economists had
forecast. The number of people continuing to claim jobless benefits in the week ending July 18 decreased by 54,000 to 6.197
million, the lowest level since April.
The Commerce Department announced that gross domestic product — the total output of goods and services
produced in the U.S. — decreased at an annual rate of 1% in the second quarter of 2009. This follows a 6.4% decline
in the first quarter of 2009. Economists had expected a slightly larger 1.5% decrease. Upcoming on the economic calendar
are reports on construction spending on August 3, pending home sales on August 4 and factory orders on August 5.
Provided
by: Judy
Haller Senior Loan Officer
Prospect Mortgage
3985 Prince William
Co. Pky., Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
9:44 am edt
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