In the week ending October 7, initial unemployment claims were 243,000, a decrease of 15,000 from the previous week's revised level. The 4-week moving average was 257,500, a decrease of 9,500 from the previous week's revised average.
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Thursday, October 12, 2017
Initial unemployment claims decline 15,000 in latest report
Federal Reserve meeting minutes indicates December interest rate hike is likely
Federal Reserve officials see the economy expanding at a steady clip and indicate that an interest rate hike later this year is a near lock, despite some divisions over where inflation is headed.
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September Producer Price Index up 0.4 percent from August and 2.6 percent year-on-year
The Producer Price Index for final demand advanced 0.4 percent in September. On an unadjusted basis, the final demand index increased 2.6 percent for the 12 months ended in September, the largest rise since an advance of 2.8 percent for the 12 months ended February 2012.
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September Fannie Mae Home Purchase Sentiment Index rose 0.3 points, matching previous record high
The Fannie Mae Home Purchase Sentiment Index® (HPSI) increased 0.3 points in September to 88.3, matching the all-time high set in June. Renter respondents, in particular, buoyed the net good time to buy component, showing a substantial upward change in optimism in September.
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Wednesday, October 11, 2017
2 weeks left to register for the 8th annual Inland Empire Economic and Forecast Conference on 10/25/17
It's only 2 weeks away!
The Housing Chronicles Blog and MetroIntelligence are
pleased to partner as a sponsor with the UC Riverside School of Business'
Center for Economic Forecasting & Development for their next economic
conference on October 25, 2017 in Riverside, CA.
Entitled "Urban Inland Empire: California's Next
Metropolis? Re-Imagining Economic Growth in the IE," this afternoon-long
program will bring together economists, elected officials and academics.
Click here to register and save $25! You can also key in the
code mrea17 at check-out to receive this discount.
What you can expect from this conference:
The Inland Empire is different from similarly sized markets
like Atlanta and Houston in a critical way: It has no central downtown or
'urban core' where jobs are densely located.
- What does this dynamic mean for business creation and economic development in the region?
- Is the creation of an urban core the way to develop and grow the local economy?
- Would an urban core appeal more to new businesses and do more to expand current ones?
Join some of the state's leading experts for a new economic
forecast and a data-driven discussion about the region's urban future.
Click here to register and save $25! You can also key in the
code mrea17 at check-out to receive this discount.
Job openings dipped 0.9 percent in August, larger declines in both hires and separations
The number of job openings dipped 0.9 percent from July to 6.1 million on the last business day of August. Over the month, hires and separations fell by 1.6 and 2.5 percent to 5.4 million and 5.2 million, respectively.
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Small Business Optimism Index fell by 2.3 points in September to 103
The NFIB Index of Small Business Optimism tumbled in September from 105.3 to 103 led by a steep drop in sales expectations, not just in hurricane-affected states, but across the country.
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Mortgage applications fall 2.1 percent in latest survey
The Market Composite Index decreased 2.1 percent on a seasonally adjusted basis from one week earlier, with purchase loans down 0.1 percent and refinances falling 4.0 percent. The average contract interest rate for 30-year fixed-rate mortgages increased to 4.16 percent.
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Monday, October 9, 2017
August wholesale inventories rose by fastest pace since November 2016
Wholesale inventories increased a seasonally adjusted 0.9% in August from the prior month, the fastest pace since November 2016. Sales in August were up 1.7% from the revised July level.
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Friday, October 6, 2017
Job growth dipped into negative territory in September due to storm impacts
The unemployment rate declined to 4.2 percent in September, and total nonfarm payroll employment fell by 33,000 jobs. A sharp employment
decline in food services and drinking places and below-trend growth in some other industries
likely reflected the impact of Hurricanes Irma and Harvey.
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August consumer credit use slowed from July, but YTD borrowing up 6.7 percent
Total consumer credit slowed to a gain of $13.1 billion, after a $17.7 billion jump in the prior month, Credit growth was up at a 4.2% annual pace in the month, down from a 5.7% pace in July. For all of 2016, consumer borrowing rose at a 6.7% rate.
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Thursday, October 5, 2017
Initial unemployment claims fall by 12,000 in latest report
In the week ending September 30, initial unemployment claims were 260,000, a decrease of 12,000 from the previous week's unrevised level of 272,000. The 4-week moving average was 268,250, a decrease of 9,500 from the previous week's unrevised average of 277,750. Hurricanes Harvey, Irma, and Maria impacted this week's claims.
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Mortgage loan applications dip 0.4 percent in latest survey, rates rise slightly
The Market Composite Index decreased 0.4 percent on a seasonally adjusted basis from one week earlier, with purchase loans up 1 percent and refinances down 2 percent. The average contract interest rate for 30-year fixed-rate mortgages increased to 4.12 percent.
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3Q 2017 GDP growth at 2.8 percent in latest estimate
The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2017 is 2.8 percent on October 5, up from 2.7 percent on October 2.
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Factory orders up 1.2 percent in August as business spending surges
New orders for U.S.-made goods rose 1.2 percent in August and orders for core capital goods were stronger than previously reported, suggesting robust business spending could help offset some of the economic drag of Hurricanes Harvey and Irma.
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