Last Week in the News
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According to the ICSC-Goldman Sachs index, retail sales fell 0.1% in the week ending November 7. On a year-over-year basis, retailers saw sales increase 2.9%, the best showing since August 2008.
Initial claims for unemployment benefits fell by 12,000 to 502,000 in the week ending November 7. It was the lowest level since January and the figure was lower than the 510,000 that economists had forecast. Continuing claims for the week ending October 31 fell by 139,000 to 5.63 million.
The Reuters/University of Michigan consumer sentiment index for November fell to 66 from 70.6 in October. Economists had forecast a reading of 71.
The Commerce Department reported that the trade deficit widened 18.2% to $36.5 billion in September from a revised $30.7 billion in August. It was the largest monthly gain since a 20.6% jump in February 1999. Economists had expected a trade deficit of $31.7 billion. The deficit is running at an annual rate of $366 billion, compared to $695.9 billion in 2008.
The Labor Department said import prices rose 0.7% in October, driven by escalating petroleum prices and a 24% jump in natural gas prices. On a year-over-year basis, import prices are down 5.7%. According to the report, export prices rose 0.3% in October.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending November 6 rose 3.2% to 627.5. Purchase volume fell 11.7% to 220.9. It was the lowest level since December 2000 and largely due to the deliberations to extend a government tax credit. Refinancing applications increased 11.3% to 2998.2.
Upcoming on the economic calendar are reports on the housing market index and wholesale inflation on November 17, housing starts on November 18 and the index of leading economic indicators on November 19.
Provided by:
Judy Haller
Branch Manager
Prospect Mortgage
3985 Prince William Co. Pky., Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
--------------------------------------------------------------------------------
According to the ICSC-Goldman Sachs index, retail sales fell 0.1% in the week ending November 7. On a year-over-year basis, retailers saw sales increase 2.9%, the best showing since August 2008.
Initial claims for unemployment benefits fell by 12,000 to 502,000 in the week ending November 7. It was the lowest level since January and the figure was lower than the 510,000 that economists had forecast. Continuing claims for the week ending October 31 fell by 139,000 to 5.63 million.
The Reuters/University of Michigan consumer sentiment index for November fell to 66 from 70.6 in October. Economists had forecast a reading of 71.
The Commerce Department reported that the trade deficit widened 18.2% to $36.5 billion in September from a revised $30.7 billion in August. It was the largest monthly gain since a 20.6% jump in February 1999. Economists had expected a trade deficit of $31.7 billion. The deficit is running at an annual rate of $366 billion, compared to $695.9 billion in 2008.
The Labor Department said import prices rose 0.7% in October, driven by escalating petroleum prices and a 24% jump in natural gas prices. On a year-over-year basis, import prices are down 5.7%. According to the report, export prices rose 0.3% in October.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending November 6 rose 3.2% to 627.5. Purchase volume fell 11.7% to 220.9. It was the lowest level since December 2000 and largely due to the deliberations to extend a government tax credit. Refinancing applications increased 11.3% to 2998.2.
Upcoming on the economic calendar are reports on the housing market index and wholesale inflation on November 17, housing starts on November 18 and the index of leading economic indicators on November 19.
Provided by:
Judy Haller
Branch Manager
Prospect Mortgage
3985 Prince William Co. Pky., Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
Last Week in the News
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The Institute for Supply Management reported the monthly index of manufacturing activity rose to 55.7 in October from 52.6 in September. It was the highest reading since April 2006 and well above the economic forecast of 53. A reading above 50 signals expansion.
The Commerce Department reported total construction spending rose 0.8% in September. Economists had expected a decrease of 0.2%. Private residential activity rose 3.9%, posting its best showing since July 2003.
The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, rose 6.1% to 110.1 in September, following a 6.4% increase in August. It was the eighth consecutive monthly increase and the highest reading since December 2006.
The Commerce Department reported factory orders rose 0.9% in September. The report reflected increased demand for both durable goods and non-durable goods. Bookings for heavy machinery jumped 7.9%, the largest gain since March 2008.
The U.S. non-manufacturing sector grew for a second consecutive month in October. The Institute for Supply Management reported the monthly index of non-manufacturing activity was 50.6 in October, slightly down from 50.9 in September. A reading above 50 signals expansion.
The Labor Department said that productivity jumped at an annual rate of 9.5% in the third quarter of 2009. The increase was the biggest quarterly gain since a 9.7% increase in the third quarter of 2003.
Initial claims for unemployment benefits fell by 20,000 to 512,000 in the week ending October 31. The figure was lower than the 523,000 that economists had forecast. Continuing claims for the week ending October 24 fell by 68,000 to 5.75 million.
Upcoming on the economic calendar are reports on international trade and consumer sentiment on November 13.
Provided by:
Judy Haller
Branch Manager
Prospect Mortgage
3985 Prince William Co. Pky., Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
--------------------------------------------------------------------------------
The Institute for Supply Management reported the monthly index of manufacturing activity rose to 55.7 in October from 52.6 in September. It was the highest reading since April 2006 and well above the economic forecast of 53. A reading above 50 signals expansion.
The Commerce Department reported total construction spending rose 0.8% in September. Economists had expected a decrease of 0.2%. Private residential activity rose 3.9%, posting its best showing since July 2003.
The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, rose 6.1% to 110.1 in September, following a 6.4% increase in August. It was the eighth consecutive monthly increase and the highest reading since December 2006.
The Commerce Department reported factory orders rose 0.9% in September. The report reflected increased demand for both durable goods and non-durable goods. Bookings for heavy machinery jumped 7.9%, the largest gain since March 2008.
The U.S. non-manufacturing sector grew for a second consecutive month in October. The Institute for Supply Management reported the monthly index of non-manufacturing activity was 50.6 in October, slightly down from 50.9 in September. A reading above 50 signals expansion.
The Labor Department said that productivity jumped at an annual rate of 9.5% in the third quarter of 2009. The increase was the biggest quarterly gain since a 9.7% increase in the third quarter of 2003.
Initial claims for unemployment benefits fell by 20,000 to 512,000 in the week ending October 31. The figure was lower than the 523,000 that economists had forecast. Continuing claims for the week ending October 24 fell by 68,000 to 5.75 million.
Upcoming on the economic calendar are reports on international trade and consumer sentiment on November 13.
Provided by:
Judy Haller
Branch Manager
Prospect Mortgage
3985 Prince William Co. Pky., Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
Last Week in the News
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The Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at an annual rate of 3.5% in the third quarter of 2009. The rebound ended four consecutive quarters of contracting economic activity, the longest period of decline since quarterly records began in 1947.
The Conference Board reported that its consumer confidence index fell to 47.7 in October from a revised 53.4 in September. Economists had expected a reading of 53.5. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.
The Standard & Poor’s/Case-Shiller 20-city housing price index rose 1% in August. It was the third consecutive monthly gain and follows a 1.2% increase in July.
Orders for durable goods — items expected to last three or more years — rose 1% in September after falling a revised 2.6% in August. Among the areas of strong growth were orders for heavy machinery, up 7.9%, the best showing since an 8.5% increase in March 2008.
The Commerce Department reported new home sales fell 3.6% in September to a seasonally adjusted annual rate of 402,000 from a downwardly revised rate of 417,000 in August. It was the first decline since March.
Initial claims for unemployment benefits rose by 1,000 to 530,000 in the week ending October 24. The figure was higher than the 525,000 that economists had forecast. The number of people continuing to claim jobless benefits in the week ending October 17 fell by 148,000 to 5.8 million.
Upcoming on the economic calendar are reports on construction spending and pending home sales on November 2, factory orders on November 3 and wholesale trade on November 6.
Provided by:
Judy Haller
Branch Manager
Prospect Mortgage
3985 Prince William Co. Pky., Suite 104
Woodbridge, VA 22192
Office: 703-590-7132
--------------------------------------------------------------------------------
The Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at an annual rate of 3.5% in the third quarter of 2009. The rebound ended four consecutive quarters of contracting economic activity, the longest period of decline since quarterly records began in 1947.
The Conference Board reported that its consumer confidence index fell to 47.7 in October from a revised 53.4 in September. Economists had expected a reading of 53.5. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.
The Standard & Poor’s/Case-Shiller 20-city housing price index rose 1% in August. It was the third consecutive monthly gain and follows a 1.2% increase in July.
Orders for durable goods — items expected to last three or more years — rose 1% in September after falling a revised 2.6% in August. Among the areas of strong growth were orders for heavy machinery, up 7.9%, the best showing since an 8.5% increase in March 2008.
The Commerce Department reported new home sales fell 3.6% in September to a seasonally adjusted annual rate of 402,000 from a downwardly revised rate of 417,000 in August. It was the first decline since March.
Initial claims for unemployment benefits rose by 1,000 to 530,000 in the week ending October 24. The figure was higher than the 525,000 that economists had forecast. The number of people continuing to claim jobless benefits in the week ending October 17 fell by 148,000 to 5.8 million.
Upcoming on the economic calendar are reports on construction spending and pending home sales on November 2, factory orders on November 3 and wholesale trade on November 6.
Provided by:
Judy Haller
Branch Manager
Prospect Mortgage
3985 Prince William Co. Pky., Suite 104
Woodbridge, VA 22192
Office: 703-590-7132
Last Week in the News
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Existing home sales rose 9.4% in September to a seasonally adjusted annual rate of 5.57 million units from 5.1 million units in August. The increase was largely due to the tax incentive for first-time homebuyers.
According to the ICSC-Goldman Sachs index, retail sales rose 0.2% in the week ending October 17. On a year-over-year basis, retailers saw sales increase by 2.8%, the best showing in a year.
The producer price index, which tracks wholesale prices, rose 0.6% in September, following a 1.7% increase in August. For the year, wholesale prices are down 4.8%.
The Commerce Department reported that the combined construction of new single-family homes and apartments in September increased 0.5% to a seasonally adjusted annual rate of 590,000 units. That was less than the 610,000 economists had expected.
Initial claims for unemployment benefits rose by 11,000 to 531,000 in the week ending October 17. The figure was higher than the 515,000 that economists had forecast. The number of people continuing to claim jobless benefits in the week ending October 10 fell by 98,000 to 5.92 million.
The index of leading economic indicators — designed to forecast economic activity in the next three to six months — rose 1% in September after a revised 0.4% gain in August. It was the sixth straight monthly increase and marks the largest six-month gain in 26 years.
The National Association of Home Builders / Wells Fargo housing market index fell one point in October to 18. The decrease reflects the soon-to-expire tax credit for first-time homebuyers that boosted home sales earlier this year. An index reading below 50 indicates negative sentiment about the housing market.
Upcoming on the economic calendar are reports on consumer confidence on October 27, new home sales on October 28 and gross domestic product on October 29.
Provided by:
Judy Haller
Senior Loan Officer
Prospect Mortgage
3985 Prince William Co. Pkwy. Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
--------------------------------------------------------------------------------
Existing home sales rose 9.4% in September to a seasonally adjusted annual rate of 5.57 million units from 5.1 million units in August. The increase was largely due to the tax incentive for first-time homebuyers.
According to the ICSC-Goldman Sachs index, retail sales rose 0.2% in the week ending October 17. On a year-over-year basis, retailers saw sales increase by 2.8%, the best showing in a year.
The producer price index, which tracks wholesale prices, rose 0.6% in September, following a 1.7% increase in August. For the year, wholesale prices are down 4.8%.
The Commerce Department reported that the combined construction of new single-family homes and apartments in September increased 0.5% to a seasonally adjusted annual rate of 590,000 units. That was less than the 610,000 economists had expected.
Initial claims for unemployment benefits rose by 11,000 to 531,000 in the week ending October 17. The figure was higher than the 515,000 that economists had forecast. The number of people continuing to claim jobless benefits in the week ending October 10 fell by 98,000 to 5.92 million.
The index of leading economic indicators — designed to forecast economic activity in the next three to six months — rose 1% in September after a revised 0.4% gain in August. It was the sixth straight monthly increase and marks the largest six-month gain in 26 years.
The National Association of Home Builders / Wells Fargo housing market index fell one point in October to 18. The decrease reflects the soon-to-expire tax credit for first-time homebuyers that boosted home sales earlier this year. An index reading below 50 indicates negative sentiment about the housing market.
Upcoming on the economic calendar are reports on consumer confidence on October 27, new home sales on October 28 and gross domestic product on October 29.
Provided by:
Judy Haller
Senior Loan Officer
Prospect Mortgage
3985 Prince William Co. Pkwy. Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
Last Week in the News
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Retail sales decreased 1.5% in September, following a revised 2.2% increase in August. However, excluding automobiles, retail sales rose 0.5%, more than the 0.2% increase economists had expected. Car sales fell 10.4% from their August high, as the ‘cash for clunkers’ program expired.
The Commerce Department reported that total business inventory decreased 1.5% in August, following a 1.1% drop in July. It was the 12th straight monthly decline as retailers, manufacturers and wholesalers sought to cut inventory. Total business sales rose 1% in August, pulling the stock-to-sales ratio down to 1.33 months to exhaust inventories at the August sales pace.
The Labor Department reported consumer prices rose 0.2% in September. For the year, consumer prices are down 1.3%. This gives the Federal Reserve room to leave interest rates at record-low levels in a further effort to give the economy a boost.
Initial claims for unemployment benefits fell by 10,000 to 514,000 in the week ending October 10. The figure was lower than the 520,000 that economists had forecast. The number of people continuing to claim jobless benefits in the week ending October 3 fell by 75,000 to 5.99 million, the fewest since the week ending March 28.
Industrial production at the nation’s factories, mines and utilities rose 0.7% in September, following an upwardly revised 1.2% increase in August. For the third quarter, industrial production increased at an annual rate of 5.2%, the largest quarterly gain since the first three months of 2005. The overall factory-operating rate rose to 70.5% of capacity in September.
The Reuters/University of Michigan consumer sentiment index for October fell to 69.4 from 73.5 in September. Economists had forecast a reading of 73.3.
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Retail sales decreased 1.5% in September, following a revised 2.2% increase in August. However, excluding automobiles, retail sales rose 0.5%, more than the 0.2% increase economists had expected. Car sales fell 10.4% from their August high, as the ‘cash for clunkers’ program expired.
The Commerce Department reported that total business inventory decreased 1.5% in August, following a 1.1% drop in July. It was the 12th straight monthly decline as retailers, manufacturers and wholesalers sought to cut inventory. Total business sales rose 1% in August, pulling the stock-to-sales ratio down to 1.33 months to exhaust inventories at the August sales pace.
The Labor Department reported consumer prices rose 0.2% in September. For the year, consumer prices are down 1.3%. This gives the Federal Reserve room to leave interest rates at record-low levels in a further effort to give the economy a boost.
Initial claims for unemployment benefits fell by 10,000 to 514,000 in the week ending October 10. The figure was lower than the 520,000 that economists had forecast. The number of people continuing to claim jobless benefits in the week ending October 3 fell by 75,000 to 5.99 million, the fewest since the week ending March 28.
Industrial production at the nation’s factories, mines and utilities rose 0.7% in September, following an upwardly revised 1.2% increase in August. For the third quarter, industrial production increased at an annual rate of 5.2%, the largest quarterly gain since the first three months of 2005. The overall factory-operating rate rose to 70.5% of capacity in September.
The Reuters/University of Michigan consumer sentiment index for October fell to 69.4 from 73.5 in September. Economists had forecast a reading of 73.3.
Upcoming on the economic calendar are reports on the housing market index on October 19, housing starts on October 20 and existing home sales on October 23.
Provided by:
Judy Haller
Senior Loan Officer
Prospect Mortgage
3985 Prince William Co. Pkwy. Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
Last Week in the News
The Commerce Department reported total construction spending rose 0.8% in August. Economists had expected a decrease of 0.2%. Private residential activity rose 4.7%, posting its best showing since November 1993.
The Standard & Poor’s / Case-Shiller 20-city housing price index rose 1.2% in July. It was the biggest gain since October 2005.
The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, rose 6.4% to 103.8 in August, following a 3.2% increase to 97.6 in July. It was the seventh consecutive monthly increase and the highest reading since March 2007.
The Conference Board reported that its consumer confidence index fell to 53.1 in September from a revised 54.5 in August. Economists had expected an increase to 57. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence. The Commerce Department reported that consumer spending rose 1.3% in August, the largest increase since October 2001. Economists had anticipated an increase of 1.1%. The reading follows a revised 0.3% increase in July. Personal income rose 0.2% in August, the same as in July.
Initial claims for unemployment benefits rose by 17,000 to 551,000 in the week ending September 26. The figure was higher than the 535,000 that economists had forecast. The number of people continuing to claim jobless benefits in the week ending September 19 fell by 70,000 to 6.09 million.
In the third quarter of 2009, the Dow Jones industrial average rose 15%, its biggest gain since the fourth quarter of 1998.
Upcoming on the economic calendar are reports on consumer credit on October 7 and wholesale trade on October 8.
Provided by:
Judy Haller
Senior Loan Officer
Prospect Mortgage
3985 Prince William Co. Pkwy. Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
The Standard & Poor’s / Case-Shiller 20-city housing price index rose 1.2% in July. It was the biggest gain since October 2005.
The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, rose 6.4% to 103.8 in August, following a 3.2% increase to 97.6 in July. It was the seventh consecutive monthly increase and the highest reading since March 2007.
The Conference Board reported that its consumer confidence index fell to 53.1 in September from a revised 54.5 in August. Economists had expected an increase to 57. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence. The Commerce Department reported that consumer spending rose 1.3% in August, the largest increase since October 2001. Economists had anticipated an increase of 1.1%. The reading follows a revised 0.3% increase in July. Personal income rose 0.2% in August, the same as in July.
Initial claims for unemployment benefits rose by 17,000 to 551,000 in the week ending September 26. The figure was higher than the 535,000 that economists had forecast. The number of people continuing to claim jobless benefits in the week ending September 19 fell by 70,000 to 6.09 million.
In the third quarter of 2009, the Dow Jones industrial average rose 15%, its biggest gain since the fourth quarter of 1998.
Upcoming on the economic calendar are reports on consumer credit on October 7 and wholesale trade on October 8.
Provided by:
Judy Haller
Senior Loan Officer
Prospect Mortgage
3985 Prince William Co. Pkwy. Suite 104
Woodbridge, VA 22192
Office: (703) 590-7132
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