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Monday, November 30, 2009
ECONOMIC UPDATESLast Week in the News
Existing home sales rose 10.1% in October to a seasonally adjusted annual rate of 6.1 million units from 5.54
million units in September. The increase was largely due to the tax incentive for first-time homebuyers. The inventory of
unsold homes on the market fell 3.7% to 3.57 million, a 7-month supply at the current sales pace, and the lowest level since
February 2007.
The Commerce Department announced that gross domestic product — the
total output of goods and services produced in the U.S. — increased at an annual rate of 2.8% in the third quarter of
2009, rather than the 3.5% increase initially reported last month.
The
Standard & Poor’s / Case-Shiller 20-city housing price index rose 0.27% in September. It was the fourth consecutive
monthly gain and follows a 1.13% increase in August.
The Conference Board reported
that its consumer confidence index rose to 49.5 in November from a revised 48.7 in October. Economists had expected a reading
of 47.3. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.
The Commerce Department reported new home sales rose 6.2% in October to a seasonally
adjusted annual rate of 430,000 from an upwardly revised rate of 405,000 in September. It was the highest level since September
2008. Economists had expected a pace of 410,000.
Orders for durable goods — items expected to last three or more years — fell 0.6%
in October after a revised 2% gain in September. The drop was largely due to an 18.4% decrease in orders for defense-related
goods.
The Commerce Department reported that consumer spending rose 0.7% in October,
higher than economists had anticipated. Personal income increased 0.2%.
Initial
claims for unemployment benefits fell by 35,000 to 466,000 in the week ending November 21. Continuing claims for the week
ending November 14 fell by 190,000 to 5.42 million, the lowest level since the week ending February 28.
Upcoming on the economic calendar are reports on construction spending and pending home sales on December
1, and factory orders on December 4.
Provided by:
Judy
Haller
Prospect Mortgage
3985 Prince William Co. Pky., Suite 104
Woodbridge,
VA 22192
Office: (703) 590-7132
12:05 pm est
Tuesday, November 24, 2009
ECONOMIC UPDATESLast
Week in the News
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Retail sales increased 1.4% in October, following a revised 2.3% decrease in September. The gain
was led largely by a 7.4% jump in auto sales. Excluding automobiles, retail sales rose 0.2%, following a 0.4% increase in
September.
The Commerce Department reported that total business inventory decreased 0.4% in September, following
a 1.6% drop in August. It was the 13th straight monthly decline as retailers, manufacturers and wholesalers sought to cut
inventory.
The producer price index, which tracks wholesale
prices, rose 0.3% in October, following a 0.6% decrease in September. It was the 11th straight monthly decline. For the year,
wholesale prices are down 1.9%.
Industrial
production at the nation’s factories, mines and utilities rose 0.1% in October, following a revised 0.6% increase in
September. The overall factory-operating rate rose to 70.7% of capacity in October.
The National Association of Home Builders/Wells Fargo housing market index was
unchanged at a revised 17 reading in November. An index reading below 50 indicates negative sentiment about the housing market.
The Labor Department reported consumer prices
rose 0.3% in October. For the year, consumer prices are down 0.2%.
The Commerce Department reported that the combined construction of new single-family
homes and apartments in September decreased 10.6% to a seasonally adjusted annual rate of 529,000 units. That was much less
than the 600,000 economists had expected.
The index of leading
economic indicators — designed to forecast economic activity in the next three to six months — rose 0.3% in October
after a 1% gain in September. It was the seventh straight monthly increase.
Initial claims for unemployment benefits were unchanged at 505,000 in the week ending November 14.
Continuing claims for the week ending November 7 fell by 39,000 to 5.61 million.
Upcoming on the economic calendar are reports on existing home sales on November 23 and new home
sales on November 25.
Provided by:
Judy Haller
Branch Manager
Prospect Mortgage
3985 Prince William Co. Pky. Suite
104
Woodbridge
VA 22192
Office: (703) 590-7132
11:14 am est
Tuesday, November 17, 2009
ECONOMIC UPDATESLast Week
in the News
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According to the ICSC-Goldman Sachs index, retail sales fell 0.1%
in the week ending November 7. On a year-over-year basis, retailers saw sales increase 2.9%, the best showing since August
2008.
Initial claims for unemployment benefits
fell by 12,000 to 502,000 in the week ending November 7. It was the lowest level since January and the figure was lower than
the 510,000 that economists had forecast. Continuing claims for the week ending October 31 fell by 139,000 to 5.63 million.
The Reuters/University of Michigan consumer sentiment index for
November fell to 66 from 70.6 in October. Economists had forecast a reading of 71.
The Commerce Department reported that the trade deficit widened 18.2% to $36.5 billion in September from
a revised $30.7 billion in August. It was the largest monthly gain since a 20.6% jump in February 1999. Economists had expected
a trade deficit of $31.7 billion. The deficit is running at an annual rate of $366 billion, compared to $695.9 billion in
2008.
The Labor Department said import prices rose
0.7% in October, driven by escalating petroleum prices and a 24% jump in natural gas prices. On a year-over-year basis, import
prices are down 5.7%. According to the report, export prices rose 0.3% in October.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week
ending November 6 rose 3.2% to 627.5. Purchase volume fell 11.7% to 220.9. It was the lowest level since December 2000 and
largely due to the deliberations to extend a government tax credit. Refinancing applications increased 11.3% to 2998.2.
Upcoming on the economic calendar are reports on the housing market
index and wholesale inflation on November 17, housing starts on November 18 and the index of leading economic indicators on
November 19.
Provided by:
Judy Haller
Branch Manager
Prospect Mortgage
3985 Prince William Co. Pky., Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
10:15 am est
Monday, November 9, 2009
ECONOMIC UPDATESLast Week in the News
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The Institute for Supply Management reported the monthly index of manufacturing activity rose to 55.7
in October from 52.6 in September. It was the highest reading since April 2006 and well above the economic forecast of 53.
A reading above 50 signals expansion.
The Commerce Department reported
total construction spending rose 0.8% in September. Economists had expected a decrease of 0.2%. Private residential activity
rose 3.9%, posting its best showing since July 2003.
The National Association
of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, rose 6.1% to
110.1 in September, following a 6.4% increase in August. It was the eighth consecutive monthly increase and the highest reading
since December 2006.
The Commerce Department reported factory orders rose 0.9%
in September. The report reflected increased demand for both durable goods and non-durable goods. Bookings for heavy machinery
jumped 7.9%, the largest gain since March 2008.
The U.S. non-manufacturing
sector grew for a second consecutive month in October. The Institute for Supply Management reported the monthly index of non-manufacturing
activity was 50.6 in October, slightly down from 50.9 in September. A reading above 50 signals expansion.
The Labor Department said that productivity jumped at an annual rate of 9.5% in the third quarter
of 2009. The increase was the biggest quarterly gain since a 9.7% increase in the third quarter of 2003.
Initial claims for unemployment benefits fell by 20,000 to 512,000 in the week ending October 31.
The figure was lower than the 523,000 that economists had forecast. Continuing claims for the week ending October 24 fell
by 68,000 to 5.75 million.
Upcoming on the economic calendar are reports
on international trade and consumer sentiment on November 13.
Provided by:
Judy Haller
Branch
Manager
Prospect
Mortgage
3985
Prince William Co. Pky., Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
11:23 am est
Thursday, November 5, 2009
ECONOMIC UPDATESLast Week in the News
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The Commerce Department announced
that gross domestic product — the total output of goods and services produced in the U.S. — increased at an annual
rate of 3.5% in the third quarter of 2009. The rebound ended four consecutive quarters of contracting economic activity, the
longest period of decline since quarterly records began in 1947.
The Conference Board reported that its consumer confidence
index fell to 47.7 in October from a revised 53.4 in September. Economists had expected a reading of 53.5. 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% in August. It was the third consecutive monthly gain and follows a 1.2% increase in July.
Orders
for durable goods — items expected to last three or more years — rose 1% in September after falling a revised
2.6% in August. Among the areas of strong growth were orders for heavy machinery, up 7.9%, the best showing since an 8.5%
increase in March 2008.
The Commerce Department reported new home sales fell 3.6% in September to a seasonally adjusted annual
rate of 402,000 from a downwardly revised rate of 417,000 in August. It was the first decline since March.
Initial claims for unemployment
benefits rose by 1,000 to 530,000 in the week ending October 24. The figure was higher than the 525,000 that economists had
forecast. The number of people continuing to claim jobless benefits in the week ending October 17 fell by 148,000 to 5.8 million.
Upcoming
on the economic calendar are reports on construction spending and pending home sales on November 2, factory orders on November
3 and wholesale trade on November 6.
Provided by:
Judy
Haller
Branch Manager
Prospect Mortgage
3985 Prince William
Co. Pky., Suite 104
Woodbridge, VA 22192
Office: 703-590-7132
10:42 am est
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