In the News
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending September 27 fell 0.4%. Purchase volume fell 6%. Refinancing applications increased 3%.
Manufacturing activity rose to 56.2 in September after a reading of 55.7 in August. A reading above 50 signals expansion. It was the fourth consecutive month of expansion and the strongest reading since April 2011.
Motor vehicle sales fell 5.1% in September to an annualized sales rate of 15.3 million cars and light trucks. Compared to September 2012, motor vehicle sales have increased 3.4%.
Retail sales fell 0.2% for the week ending September 28, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 2.1%.
Non-manufacturing activity fell to 54.4 in September from 58.6 in August. A reading above 50 signals expansion. It was the 45th straight month of expansion in the services sector.
Initial claims for unemployment benefits for the week ending September 28 rose by 1,000 to 308,000. Continuing claims for the week ending September 21 rose by 104,000 to 2.925 million. The less volatile four-week average of claims for unemployment benefits was 305,000, the lowest level since May 2007.
Upcoming on the economic calendar are reports on international trade on October 8, wholesale trade on October 9 and retail sales on October 11.