MetroIntelligence Economic Update by P. DUFFY

Initial unemployment claims slide further to 267,000

In the week ending November 6, initial unemployment claims were 267,000, a decrease of 4,000 from the previous week’s revised level. Continued claims during the week ending October 30 were 2,160,000, an increase of 59,000 from the previous week’s revised level. The total number of continued weeks claimed for benefits in all programs for the week ending October 23 was 2,565,853, a decrease of 107,095 from the previous week.
https://www.dol.gov/ui/data.pdf

CPI rose 0.9 percent in October and 6.2 percent year-on-year

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.9 percent in October on a seasonally adjusted basis after rising 0.4 percent in September, and rose 6.2 percent over the last 12 months, the highest rate since November 1990. The index for all items less food and energy rose by 0.6 percent in October after
increasing 0.2 percent in September, and was up 4.6 percent over the last 12 months, the largest 12-month increase since the period ending August 1991.
https://www.bls.gov/news.release/cpi.nr0.htm

Purchase loan applications up 3 percent from previous week, but down 4 percent year-on-year

The Market Composite Index for mortgage applications increased 5.5 percent on a seasonally adjusted basis from one week earlier, with purchase loans rising 3 percent (but down 4 percent year-on-year) and refinance activity rising 7 percent (but down 28 percent year-on-year). The average contract interest rate for 30-year fixed-rate mortgages decreased to 3.16 percent from 3.24 percent.
https://www.mba.org/2021-press-releases/november/mortgage-applications-increase-in-latest-mba-weekly-survey