Your Economic Update For The Week of July 8, 2013

In the News


Manufacturing activity rose to 50.9 in June after a reading of 49 in May. A reading above 50 signals expansion.

Total construction spending rose 0.5% to $874.9 billion in May, following a 0.1% increase in April. Compared to May 2012, construction spending has risen 5.4%.

Motor vehicle sales rose 4.6% in June to an annualized sales rate of 16 million cars and light trucks, a new recovery high. Compared to June 2012, motor vehicle sales have increased 9%.

Retail sales rose 0.6% for the week ending June 29, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 1.9%.

Factory orders rose $9.9 billion, or 2.1%, in May to a seasonally adjusted $485 billion. This follows a 1.3% increase in April. Excluding the volatile transportation sector, orders increased 0.6% in May.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending June 28 fell 11.7%. Purchase volume fell 3%. Refinancing applications decreased 16%.

The trade deficit increased from $40.1 billion in April to $45 billion in May. Exports fell $0.5 billion to $187.1 billion. Imports increased $4.4 billion to $232.1 billion.

Initial claims for unemployment benefits for the week ending June 29 fell by 5,000 to 343,000. Continuing claims for the week ending June 22 fell by 54,000 to 2.933 million, a new recovery low. The less volatile four-week average of claims for unemployment benefits was 345,500. The unemployment rate held steady at 7.6% in June. Employers added 195,000 jobs in June.

Upcoming on the economic calendar are reports on wholesale trade on July 10 and consumer sentiment on July 12.

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This entry was posted in Banks, Boise, Boise Homes, Boise Real Estate, Business, Eagle, Economy, Fannie Mae, FHA, Finance, First Time Buyers, Fixed Rate Mortgage, Foreclosure, Foreclosure Crisis, Freddie Mac, Home, Homes in Boise, Homes in Idaho, Housing, Housing Recovery, HUD, Idaho, Meridian, Money, mortgage, Mortgage, Mortgage Bankers, Mortgage Bankers Association, National Association of Realtors, News, Real Estate, Real Estate Professional, Realtors, Refinance, U.S. Home, U.S. House, U.S. Housing. Bookmark the permalink.

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