8/31: MetroIntelligence Econ Update, P.DUFFY

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.

READ MORE

 

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.

READ MORE

 

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.

READ MORE

 

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.

READ MORE