ECONOMIC UPDATES
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Total construction
spending rose 0.3% to $820.7 billion in April from a revised $818.1 billion in
March. Compared to April 2011, construction spending is up 6.8%.
The
Standard & Poor's/Case-Shiller 20-city housing price index - on a
non-seasonally adjusted basis - showed no change in March, following a 0.8%
decrease in February. On a year-over-year basis, prices fell 2.6% compared with
March 2011.
Pending home sales, a forward-looking indicator based on
signed contracts, fell 5.5% in April after a revised 3.8% increase in March. On
a year-over-year basis, pending home sales are up 14.4% compared with April
2011.
The Mortgage Bankers Association said its seasonally adjusted
composite index of mortgage applications for the week ending May 25 fell 1.3%.
Refinancing applications decreased 1.5%. Purchase volume fell 0.6%.
The
Institute for Supply Management reported that the monthly composite index of
manufacturing activity fell to 53.5 in May after a reading of 54.8 in April. A
reading above 50 signals expansion.
The Commerce Department announced
that gross domestic product - the total output of goods and services produced in
the U.S. - increased at a revised annual rate of 1.9% in the first quarter of
2012, compared to the initial estimate of 2.2%. This follows a 3% pace of growth
in the fourth quarter of 2011.
Initial claims for unemployment benefits
for the week ending May 26 rose by 10,000 to 383,000 from a revised 373,000 the
prior week. Continuing claims for the week ending May 19 fell by 36,000 to 3.242
million. The unemployment rate rose to 8.2% in May from 8.1% in April. Employers
added 69,000 jobs in May, the fewest in a year.
Upcoming on the economic
calendar are reports on wholesale trade and international trade on June
8.
Provided by:
Judy Haller
Prospect Mortgage
3985 Prince
William Co. Pkwy., Suite 104
Woodbridge, VA 22192
Office: (703)
590-7132
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