ECONOMIC UPDATES

Last Week in the News

Retail sales rose 0.4% for the week ending June 4, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 2.5%.

 

The trade deficit decreased 6.7% to $43.7 billion in April from a revised $46.8 billion in March. Exports rose 1.3% to $175.6 billion. Imports decreased 0.4% to $219.2 billion.

 

Wholesalers increased their inventories 0.8% to $447.2 billion in April. This followed a 1.1% rise in March. Sales at the wholesale level rose 0.3% in April to $393.5 billion. On a year-over-year basis, sales were 14.4% higher since April 2010.

 

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending June 3 fell 0.4%. Refinancing applications increased 1.3%. Purchase volume fell 4.4%.

 

Import prices rose 0.2% in May, following a revised 2.1% increase in April. On a year-over-year basis, import prices are up 12.5%. Export prices rose 0.2% in May. On a year-over-year basis, export prices are up 9%.

 

According to the Federal Reserve, consumer credit debt rose in April by $6.25 billion for a total credit level of $2.43 trillion. Figures for March were revised from an initial gain of $6 billion to a gain of $4.82 billion. Revolving debt, which includes credit cards, fell by $0.9 billion. Non-revolving debt, including loans for cars, rose by $7.2 billion.

 

Initial claims for unemployment benefits rose by 1,000 to 427,000 for the week ending June 4. Continuing claims for the week ending May 28 fell by 71,000 to 3.68 million.

 

Upcoming on the economic calendar are reports on the housing market index on June 15 and housing starts on June 16.

 

Provided by:

Judy Haller

Prospect Mortgage

3985 Prince William Co. Pkwy., Suite 104

Woodbridge, VA 22192

Office: (703) 590-7132