8/11: METROINTELLIGENCE ECONOMIC UPDATE by P.Duffy

Producer Price Index fell 0.1 percent in July, for the largest fall in 11 months

The Producer Price Index for final demand declined 0.1 percent in July. On an unadjusted basis, the final demand index increased 1.9 percent for the 12 months ended in July.

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July applications for new home mortgages rose 5.1 percent year-on-year

The Mortgage Bankers Association (MBA) Builder Applications Survey (BAS) data for July 2017 shows mortgage applications for new home purchases increased 5.1 percent compared to July 2016. Compared to June 2017, applications decreased by 12 percent. This change does not include any adjustment for typical seasonal patterns.

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Mortgage applications rise three percent in latest survey as rates dip

The Market Composite Index increased 3.0 percent on a seasonally adjusted basis from one week earlier, with purchase loans up one percent and refinances rising five percent. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.14 percent from 4.17 percent.

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Initial unemployment claims rise by 3,000 in latest report

In the week ending August 5, initial unemployment claims were 244,000, an increase of 3,000 from the previous week’s revised level. The 4-week moving average was 241,000, a decrease of 1,000 from the previous week’s revised average.

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