7/14: METROINTELLIGENCE ECONOMIC UPDATE P. DUFFY

Producer Price Index up 0.1 percent in June and 2.0 percent for previous 12 months

The Producer Price Index for final demand increased 0.1 percent in June and 2.0 percent for the 12 months ended in June. Prices for final demand less foods, energy, and trade services increased 0.2 percent in June and 2.0 percent for the 12 months ended in June.

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Beige Book:  Economic activity expanded in June, but low home inventory constraining home sales

Economic activity expanded across all twelve Federal Reserve Districts in June, with the pace of growth ranging from slight to moderate. Residential and nonresidential construction activity was flat to expanding in most Districts. Most Districts cited low home inventory levels in certain market segments which were constraining home sales in many areas.

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Mortgage applications fall 7.4 percent in latest survey

The Market Composite Index decreased 7.4 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling 3.0 percent and refinances falling 13 percent.  The average contract interest rate for 30-year fixed-rate mortgages with increased to 4.22 percent.

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Initial unemployment claims dip 3,000 in most recent report

In the week ending July 8, initial unemployment claims were 247,000, a decrease of 3,000 from the previous week’s revised level. The previous week’s level was revised up by 2,000 from 248,000 to 250,000.

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