6/15: MetroIntelligence Economic Update by P. DUFFY

Fed hikes rate to highest rate since 2008, indicates two more increases in 2018

The Federal Reserve increased the target range for its benchmark interest rate by 0.25% to a range of 1.75%-2%, the highest since September 2008. In raising its benchmark interest rate, the Fed cited an economy that is growing at a “solid” rate and would likely include two more rate hikes in 2018.

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May retail sales up 0.8 percent, largest jump in six months

Retail sales jumped 0.8 percent in May, or the biggest advance since November 2017, suggesting stronger growth for 2Q 2018. Data for April was revised up to show sales rising 0.4 percent instead of the previously reported 0.2 percent gain.

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Bloomberg:  Consumer comfort index rebounds to five-week high

U.S. consumer confidence advanced to a five-week high, rising one full point from 54.8 to 55.8, as resilient job growth boosted Americans’ views of the economy.

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Mortgage applications dip 1.5 percent, rates rise 8 basis points

The Market Composite Index decreased 1.5 percent on a seasonally adjusted basis from one week earlier, with both purchase loans and refinances dipping 2.0 percent. The average contract interest rate for 30-year fixed-rate mortgages increased to 4.83 percent from 4.75 percent.

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Initial unemployment claims fall 4,000 in latest update

In the week ending June 9, initial unemployment claims were 218,000, a decrease of 4,000 from the previous week’s unrevised level of 222,000. The 4-week moving average was 224,250, a decrease of 1,250 from the previous week’s unrevised average of 225,500.

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