ECONOMIC UPDATES
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Retail sales rose
0.2% for the week ending October 6, according to the ICSC-Goldman Sachs index.
On a year-over-year basis, retailers saw sales increase 2.8%.
The
Mortgage Bankers Association said its seasonally adjusted composite index of
mortgage applications for the week ending October 5 fell 1.2%. Refinancing
applications decreased 2%. Purchase volume rose 2%.
Wholesalers increased
their inventories 0.5% to $487.5 billion in August. Sales at the wholesale level
fell 0.9% to $405.4 billion in August. On a year-over-year basis, sales were
2.1% higher since August 2011.
Import prices rose 1.1% in September,
following a 1.1% increase in August. On a year-over-year basis, import prices
were down 0.6% in September. Export prices rose 0.8% in September after
advancing 1% in August. Compared to a year ago, export prices were down 0.5% in
September.
The producer price index, which tracks wholesale price
inflation, rose 1.1% in September, following a 1.7% increase in August. On a
year-over-year basis, wholesale prices were up 2.2% in September. Core prices -
excluding food and fuel - were unchanged in September.
The
Reuters/University of Michigan consumer sentiment index for October's
preliminary reading rose to 83.1 from 78.3 in September.
Initial claims
for unemployment benefits for the week ending October 6 fell by 30,000 to
339,000. Continuing claims for the week ending September 29 fell by 15,000 to
3.273 million.
Upcoming on the economic calendar are reports on the
housing market index on October 16, housing starts on October 17 and existing
home sales on October 19.
Provided by:
Judy Haller
Prospect
Mortgage
3985 Prince William Co. Pkwy., Suite 104
Woodbridge, VA
22192
Office: (703) 590-7132
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