July PCE price index up 0.1 from June and 2.3 percent year-on-year
The PCE price index increased 0.1 percent in July and was up 2.3 percent year-on-year. Excluding food and energy, the PCE price index increased 0.2 percent in July and was up 2.0 percent year-on-year.
July personal income rose 0.3 percent, personal spending up 0.4 percent
In July, both personal income and disposable income increased 0.3 percent and personal consumption expenditures (PCE) increased 0.4 percent, leading to a 0.1-point decrease in the personal savings rate to 6.7 percent.
Mortgage applications dip 1.7 percent, rates dip slightly
The Market Composite Index decreased 1.7 percent on a seasonally adjusted basis from one week earlier, with purchase loans down 1.0 percent and refinance activity falling 3.0 percent. The average contract interest rate for 30-year fixed-rate decreased to 4.78 percent from 4.81 percent.
Initial unemployment claims rise 3,000, but 4-week average lowest since December 1969
In the week ending August 25, initial unemployment claims were 213,000, an increase of 3,000 from the previous week’s unrevised level of 210,000. The 4-week moving average was 212,250, a decrease of 1,500 from the previous week’s unrevised average of 213,750. This is the lowest level for this average since December 13, 1969 when it was 210,750.