6/9: METROINTELLIGENCE ECONOMIC UPDATE by P.Duffy

Consumer credit use growth slowed sharply in April

Consumer borrowing decelerated in April to the smallest increase in almost six years, suggesting an expected rebound in spending in the second quarter may not be as robust as hoped. Total consumer credit rose $8.2 billion in April to a seasonally adjusted $3.82 trillion, posting an annual growth rate of 2.6%.

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Mortgage loan applications rise 7.1 percent in latest survey as rates dip

The Market Composite Index increased 7.1 percent on a seasonally adjusted basis from one week earlier, with purchase loans rising 10 percent and refinances up 3 percent. The average contract interest rate for 30-year fixed-rate mortgages decreased to its lowest level since November 2016, 4.14 percent.

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Initial unemployment claims fall by 10,000 in latest report

In the week ending June 3, initial unemployment claims were 245,000, a decrease of 10,000 from the previous week’s revised level. The 4-week moving average was 242,000, an increase of 2,250 from the previous week’s revised average.

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