This Weeks Economic Update

In the News


Retail sales rose 0.2% for the week ending October 6, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 2.8%.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending October 5 fell 1.2%. Refinancing applications decreased 2%. Purchase volume rose 2%.

Wholesalers increased their inventories 0.5% to $487.5 billion in August. Sales at the wholesale level fell 0.9% to $405.4 billion in August. On a year-over-year basis, sales were 2.1% higher since August 2011.

Import prices rose 1.1% in September, following a 1.1% increase in August. On a year-over-year basis, import prices were down 0.6% in September. Export prices rose 0.8% in September after advancing 1% in August. Compared to a year ago, export prices were down 0.5% in September.

The producer price index, which tracks wholesale price inflation, rose 1.1% in September, following a 1.7% increase in August. On a year-over-year basis, wholesale prices were up 2.2% in September. Core prices — excluding food and fuel — were unchanged in September.

The Reuters/University of Michigan consumer sentiment index for October’s preliminary reading rose to 83.1 from 78.3 in September.

Initial claims for unemployment benefits for the week ending October 6 fell by 30,000 to 339,000. Continuing claims for the week ending September 29 fell by 15,000 to 3.273 million.

Upcoming on the economic calendar are reports on the housing market index on October 16, housing starts on October 17 and existing home sales on October 19.

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This entry was posted in Banks, Economy, Finance, Fixed Rate Mortgage, Foreclosure, Foreclosure Crisis, Money, Mortgage, News, Real Estate, Refinance. Bookmark the permalink.

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