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Monday, January 23, 2012
ECONOMIC UPDATESLast Week in the News
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The Mortgage Bankers Association said its seasonally adjusted composite
index of mortgage applications for the week ending January 13 rose 23.1%. Refinancing applications increased 26.4%. Purchase
volume rose 10.3%.
The producer price index, which tracks wholesale price inflation, fell 0.1% in December after
increasing 0.3% in November. For the year, wholesale prices are up 4.8%. Core prices - which exclude food and fuel - rose
0.3% in December.
The National Association of Home Builders/Wells Fargo monthly housing market index rose four
points in January to 25 from a reading of 21 in December. It was the highest level since June 2007. An index reading below
50 indicates negative sentiment about the housing market.
The
combined construction of new single-family homes and apartments in December fell 4.1% to a seasonally adjusted annual rate
of 657,000 units. Single-family starts increased 4.4%. Multifamily starts fell 20.4%. Applications for new building
permits, seen as an indicator of future activity, fell 0.1% to an annual rate of 679,000 units. Housing starts for the year
are up 24.9%.
Existing home sales rose 5% in December to
a seasonally adjusted annual rate of 4.61 million units from a downwardly revised 4.39 million units in November. The inventory
of unsold homes on the market decreased to 2.38 million, a 6.2-month supply at the current sales pace, down from a 7.2-month
supply in November.
Initial claims for unemployment benefits
fell by 50,000 to 352,000 for the week ending January 14. It was the lowest level since April 2008. Continuing claims for
the week ending January 7 fell by 215,000 to 3.432 million.
Upcoming
on the economic calendar are reports on pending home sales on January 25 and new home sales on January 26.
Provided
by:
Judy Haller
Prospect Mortgage
3985 Prince William Co. Pkwy., Suite 104
Woodbridge, VA 22192
Office:
(703) 590-7132
3:04 pm est
Tuesday, January 17, 2012
ECONOMIC UPDATESLast Week in the News
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Retail sales rose 0.1% to $400.6 billion in December after an upwardly revised 0.4% increase in November. It was the
seventh straight monthly gain and the first $400 billion month for retail sales. Total retail sales for 2011 had the largest
percentage increase since 1999, up 7.7% to a record $4.691 trillion.
Wholesalers increased their inventories 0.1%
to $468.9 billion in November. This followed a revised 1.2% rise in October. Sales at the wholesale level rose 0.6% to $407.9
billion in November. On a year-over-year basis, sales were 11.3% higher since November 2010.
The Mortgage Bankers
Association said its seasonally adjusted composite index of mortgage applications for the week ending January 6 rose 4.5%.
Refinancing applications increased 3.3%. Purchase volume rose 8.1%
Total business inventories rose 0.3% in November to $1.55 trillion, up 8.5% from a year ago. Total
business sales also increased 0.3% to $1.22 trillion in November, up 9.6% from a year ago. The total business inventories/sales
ratio in November was 1.27.
The trade deficit increased to $47.8 billion in November from a downwardly revised
$43.3 billion in October. Exports fell 0.9% to $177.8 billion. Imports increased 1.3% to $225.6 billion.
The
Reuters/University of Michigan consumer sentiment index for January's preliminary reading rose to 74 from 69.9 in December.
It was the fifth monthly gain in a row for the index and the highest reading since May.
Initial claims for unemployment
benefits rose by 24,000 to 399,000 for the week ending January 7. Continuing claims for the week ending December 31 rose by
19,000 to 3.629 million.
Upcoming on the economic calendar are reports on the housing market index on January 18,
housing starts on January 19 and existing home sales on January 20.
Provided by:
Judy Haller
Prospect
Mortgage
3985 Prince William Co. Pkwy., Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
6:50 pm est
Monday, January 9, 2012
ECONOMIC UPDATESLast Week in the News
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Factory orders rose 1.8% in November to a seasonally adjusted $459.2
billion, following a revised 0.2% decrease in October. Excluding the volatile transportation sector, orders rose 0.3% in November.
Retail sales rose 1.2% for the week ending December 31, according to the ICSC-Goldman Sachs index. On a year-over-year
basis, retailers saw sales increase 5.3%.
The Institute
for Supply Management reported that the monthly composite index of manufacturing activity rose to 53.9 in December after a
reading of 52.7 in November. A reading above 50 signals expansion. It was the 29th straight month of expansion.
Total construction spending rose 1.2% to $807.1 billion in November, following
a 0.2% decrease in October. Economists had anticipated an increase of 0.5% in November. Compared to a year ago, construction
spending rose 0.5%.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications
for the week ending December 30 fell 3.7%. Refinancing applications decreased 1.9%. Purchase volume fell 9.7%.
The
Institute for Supply Management reported that the monthly composite index of non-manufacturing activity rose to 52.6 in December
from 52 in November. A reading above 50 signals expansion. It was the 25th straight month of expansion in the services sector.
Initial claims for unemployment benefits fell by 15,000 to 372,000 for the week ending December 31. Continuing claims
for the week ending December 24 fell by 22,000 to 3.595 million. The monthly unemployment rate fell to 8.5% in December from
a revised 8.7% in November and 9% in October.
Upcoming on the economic calendar are reports on wholesale trade
on January 10, retail sales on January 12 and consumer sentiment on January 13.
Provided by:
Judy Haller
Prospect Mortgage
3985 Prince William Co. Pkwy., Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
7:05 pm est
Tuesday, January 3, 2012
ECONOMIC UPDATESLast Week in the News
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Pending home sales, a forward-looking indicator based on signed contracts, rose 7.3% in November after a 10.4% increase
in October. On a year-over-year basis, pending home sales are up 5.9%. The number of pending home sales in November was the
highest level in 19 months.
The Standard & Poor's/Case-Shiller 20-city housing price index - on a non-seasonally
adjusted basis - fell 1.2% in October after a revised 0.7% decrease in September. On a year-over-year basis, prices fell 3.4%
compared with October 2010.
Retail sales rose 0.9% for
the week ending December 24, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase
4.5%.
The consumer confidence index rose to 64.5 in December from a revised 55.2 in November. It was the highest
level since April. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer
confidence. Economists consider a reading of 90 to be the threshold for a healthy economy.
Initial claims for unemployment
benefits rose by 15,000 to 381,000 for the week ending December 24. However, the four-week moving average for initial claims
- considered a less volatile measure - fell to 375,000, the lowest level since June 2008. Continuing claims for the week ending
December 17 rose by 34,000 to 3.6 million.
Upcoming on the economic calendar are reports on construction spending
on January 3, factory orders on January 4 and the employment situation on January 6.
Provided by:
Judy Haller
Prospect Mortgage
3985 Prince William Co. Pkwy., Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
6:02 pm est
Tuesday, December 20, 2011
ECONOMIC UPDATESLast Week in the News
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The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending
December 2 rose 12.8%. Refinancing applications increased 15.3%. Purchase volume rose 8.3%.
Factory orders fell
0.4% in October to a seasonally adjusted $450.03 billion, following a revised 0.1% decrease in September. Excluding the volatile
transportation sector, orders rose 0.2% in October.
The Institute for Supply Management reported that the monthly
composite index of non-manufacturing activity fell slightly to 52 in November from 52.9 in October. A reading above 50 signals
expansion. It was the 24th straight month of expansion in the services sector.
Retail sales fell 2.3% for the week
ending December 3, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 3.8%.
Wholesalers increased their inventories 1.6% to $470.2
billion in October. This followed a revised 0.2% rise in September. Sales at the wholesale level rose 0.9% to $406 billion
in October. On a year-over-year basis, sales were 13.1% higher since October 2010.
The trade deficit decreased
to $43.5 billion in October from an upwardly revised $44.2 billion in September. Exports fell 0.8% to $179.2 billion. Imports
decreased 1% to $222.6 billion.
The Reuters/University of Michigan consumer sentiment index for December's preliminary
reading rose to 67.7 from 64.1 in November. It was the fourth monthly gain in a row for the index.
Initial claims
for unemployment benefits fell by 23,000 to 381,000 for the week ending December 3. Continuing claims for the week ending
November 26 fell by 174,000 to 3.583 million, the lowest level since September 2008.
Upcoming on the economic calendar
are reports on retail sales on December 13 and consumer inflation on December 16.
Provided by:
Judy Haller
Prospect Mortgage
3985 Prince William Co. Pkwy., Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
8:57 pm est
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