ECONOMIC UPDATE

Thank you Keri Shepherd for this interesting article to share.  If you want to connect with Keri her info is:

Keri Shepherd, Lender, office 8088-739-7807; cell 808-223-4118 

http://www.myprospectmortgage.com/kshepherd


Cell: (808) 223-4118
Fax: (877) 640-0021 

According to the ICSC-Goldman Sachs index, retail sales rose 0.4% for the week ending September 25. On a year-over-year basis, retailers saw sales increase 3.6%, the best reading since early August. 

The Standard & Poor’s/Case-Shiller 20-city housing price index — on a seasonally adjusted basis — rose 0.6% in July after a 0.3% increase in June. On a year-over-year basis, prices rose 3.2% compared with July 2009. 

The consumer confidence index fell to 48.5 in September from a downwardly revised 53.2 in August. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence. 

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending September 24 fell 0.8%. Refinancing applications fell 1.6%. Purchase volume increased 2.4%. 

The Institute for Supply Management reported that the monthly composite index of manufacturing activity was 54.4 in September after reaching 56.3 in August. Economists had anticipated a reading of 54.5. A reading above 50 signals expansion. It was the 14th straight month of expansion. 

Total construction spending rose 0.4% to $811.8 billion in August, following a downwardly revised 1.4% drop in July. Economists had anticipated a drop of 0.4% in August. 

The Commerce Department reported that consumer spending rose $41.3 billion or 0.4% in August, matching what economists had anticipated. Personal income increased $59.3 billion or 0.5%. 

Initial claims for unemployment benefits fell by 16,000 to 453,000 for the week ending September 25. Continuing claims for the week ending September 18 fell by 83,000 to 4.45 million. 

Upcoming on the economic calendar are reports on pending home sales on October 4 and wholesale trade on October 8.