2/10- MetroIntelligence Economic Update by P. Duffy

Wholesale inventories rose 1.0 percent in December as sales spiked up 2.6 percent. 

Inventories held by wholesalers rose 1 percent in December, matching the November increase, which had been the largest in two years. Sales at the wholesale level rose 2.6 percent in December, the biggest jump since a 2.7 percent increase in March 2011.

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Mortgage Loan Applications Rise 2.3 Percent in Latest Survey

The Market Composite Index increased 2.3 percent on a seasonally adjusted basis from one week earlier, with purchase loans up 2 percent and refinances up 2 percent. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.35 percent.

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Initial Unemployment Claims Fell 12,000 in Latest Report

In the week ending February 4, initial unemployment claims were 234,000, a decrease of 12,000 from the previous week’s unrevised level of 246,000. The 4-week moving average was 244,250, a decrease of 3,750 from the previous week’s unrevised average of 248,000. This is the lowest level for this average since November 3, 1973 when it was 244,000. 

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