7/7: METROINTELLIGENCE ECONOMIC UPDATE

ADP: Private Sector Employment Increased by 158,000 Jobs in June

Private-sector employment increased by 158,000 from May to June, which compares to 230,000 the previous month and 258,000 during the same period of 2016.

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Planned job cuts dipped six percent in June from May; also down 28 percent for first half of year

Employers announced plans to cut payrolls by 31,105 jobs in June, the lowest monthly total of the year as well as being 6 percent lower than in May and 19.3 percent lower year-on-year.  Through the first six months of 2017, employers announced 227,000 planned job cuts, down 28 the same period of 2016.

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CoreLogic: May home prices up 1.2 percent from April and 6.6 percent year-on-year

Home prices nationally increased year over year by 6.6 percent from May 2016 to May 2017, and on a month-over-month basis, home prices increased by 1.2 percent in May 2017 compared with April 2017.

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June Federal Reserve meeting minutes shows split on inflation outlook and asset sales

Federal Reserve policymakers were increasingly split on the outlook for inflation and how it might affect the future pace of interest rate rises. The details of the meeting, at which the U.S. central bank voted to raise interest rates, also showed that several officials wanted to announce a start to the process of reducing the Fed’s large portfolio of Treasury bonds and mortgage-backed securities by the end of August but others wanted to wait until later in the year.

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Mortgage loan applications rise 1.4 percent in latest survey

The Market Composite Index increased 1.4 percent on a seasonally adjusted basis from one week earlier, with purchase loans rising 3 percent and refinances falling 0.4 percent.  The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to its highest level since May 2017, 4.20 percent.

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Initial unemployment claims rise 4,000 in latest report

In the week ending July 1, initial unemployment claims were 248,000, an increase of 4,000 from the previous week’s unrevised level of 244,000. The 4-week moving average was 243,000, an increase of 750 from the previous week’s unrevised average of 242,250.

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