6/16: METROINTELLIGENCE ECONOMIC UPDATE by P.Duffy

Federal Reserve opts to hike key interest rate another 1/4 point

In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 1 to 1-1/4 percent. The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a sustained return to 2 percent inflation.

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NAHB’s Housing Market Index dips two points in June

Builder confidence in the market for newly-built single-family homes weakened slightly in June, down two points to a level of 67 from a downwardly revised May reading of 69 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).  All three HMI components posted losses in June but remain at healthy levels.

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Business inventories fell 0.2 percent in April, reversing March’s gain

U.S. business inventories fell 0.2 percent in April, recording their biggest drop in six months, which could temper expectations that inventory investment would support economic growth in the second quarter.

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Mortgage applications rise 2.8 percent in latest survey

The Market Composite Index increased 2.8 percent on a seasonally adjusted basis from one week earlier, with purchase loans rising three percent and refinances jumping nine percent. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 4.13 percent.

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Initial unemployment claims fall by 8,000 in latest report

In the week ending June 10, initial unemployment claims were 237,000, a decrease of 8,000 from the previous week’s unrevised level of 245,000. The 4-week moving average was 243,000, an increase of 1,000 from the previous week’s unrevised average of 242,000.

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