Initial unemployment claims rise 9,000 in latest report but 4-week average still lowest since December 1973

In the week ending April 23, initial unemployment claims were 257,000, an increase of 9,000 from the previous week’s revised level. The 4-week moving average was 256,000, a decrease of 4,750 from the previous week and the lowest level for this average since December 8, 1973.

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Mortgage applications fall 4.1 percent in latest survey

The Market Composite Index decreased 4.1 percent on a seasonally adjusted basis from one week earlier. The average interest rate for 30-year fixed-rate mortgages increased to 3.85 percent.

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Federal Reserve opts to keep interest rates at current levels at latest meeting

Amid a moribund economy and reduced levels of consumer spending, the Fed on again opted not to raise interest rates.

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Summary:  Information received since the Federal Open Market Committee met in March indicates that labor market conditions have improved further even as growth in economic activity appears to have slowed.

Growth in household spending has moderated, although households' real income has risen at a solid rate and consumer sentiment remains high. Since the beginning of the year, the housing sector has improved further but business fixed investment and net exports have been soft.

A range of recent indicators, including strong job gains, points to additional strengthening of the labor market. Inflation has continued to run below the Committee's 2 percent longer-run objective, partly reflecting earlier declines in energy prices and falling prices of non-energy imports.

Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed, on balance, in recent months.

First quarter 2016 GDP growth rate slowed to 0.5 percent in advance estimate

Real gross domestic product increased at an annual rate of 0.5 percent in the first quarter of 2016, according to the “advance” estimate. In the fourth quarter, real GDP increased 1.4 percent.

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Durable good orders rebounded 0.8 percent in March

Orders for durable goods, items ranging from toasters to aircraft meant to last three years or more, increased 0.8 percent last month after a downwardly revised 3.1 percent decline in February.

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Pending home sales rose again in March, rebounding to highest level since May 2015

Pending home sales increased slightly in March for the second consecutive month and reached their highest level in almost a year. The index has increased year-over-year for 19 consecutive months.

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February Case-Shiller Indice increases slowed in February

The S&P/Case-Shiller U.S. National Home Price Index recorded a 5.3% annual gain in February, unchanged from the previous month. The National Index posted a gain of 0.2% month-over-month in February.

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BuilderBytes' MetroIntelligence Economic Update for 4/15/16

Please click here to see the edition of BuilderBytes for 4/15/16 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:

• CPI rose 0.1 percent in March, up 0.9 percent over previous 12 months
• Business inventories slipped another 0.1 percent in February
• Federal Reserve's Beige Book summary indicates further economic expansion through early April
• Mortgage applications rise 10 percent in latest survey
• Initial unemployment claims fall 13,000 in latest report

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BuilderBytes' MetroIntelligence Economic Update for 4/12/16

Please click here to see the edition of BuilderBytes for 4/12/16 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:

• Consumer credit grew by 5.8 percent in February
• Wholesale inventories fell 0.5 percent in February as sales slid 0.2 percent

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BuilderBytes' MetroIntelligence Economic Update for 4/08/16

Please click here to see the edition of BuilderBytes for 4/08/16 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:

• Federal Reserve March meeting minutes show continued caution on interest rate hikes
• Mortgage applications rise 2.7 percent in latest survey as rates dip slightly
• Initial unemployment claims fell by 9,000 in latest report but 4-week moving average still rose

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BuilderBytes' MetroIntelligence Economic Update for 4/7/16

Please click here to see the edition of BuilderBytes for 4/7/16 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:

• Manufacturing index rose in March for the first time since August 2015
• Service sector economy continued to improve in March
• Factory orders declined 1.7 percent in February

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