ECONOMIC UPDATES
In the
News
________________________________________
The trade deficit increased
to $42.2 billion in October from a revised $40.3 billion in September. Exports
fell $6.8 billion or 3.6% to $180.5 billion. Imports decreased $4.9 billion or
2.1% to $222.8 billion.
Wholesalers increased their inventories 0.6% to
$497.1 billion in October. Sales at the wholesale level fell 1.2% to $408.5
billion in October. On a year-over-year basis, sales were 2.3% higher since
October 2011.
The Mortgage Bankers Association said its seasonally
adjusted composite index of mortgage applications for the week ending December 7
rose 6.2%. Purchase volume rose 1%. Refinancing applications increased
8%.
The producer price index, which tracks wholesale price inflation,
fell 0.8% in November, following a 0.2% decrease in October. On a year-over-year
basis, wholesale prices were up 1.5% in November. Core prices - excluding food
and fuel - rose 0.1% in November.
Retail sales
rose 0.3% to $412.4 billion in November. This follows a 0.3% decrease in
October. Compared to November 2011, retail sales have increased 3.7%.
Total business
inventories rose 0.4% in October to $1.619 trillion, up 5.7% from a year ago.
Total business sales decreased 0.4% to $1.257 trillion in October, up 3.1% from
a year ago. The total business inventories/sales ratio in October was
1.29.
Consumer
prices fell 0.3% in November, following a downwardly revised 0.2% decrease in
October. Compared to November 2011, consumer prices have risen 1.8%. Consumer
prices at the core rate - excluding volatile food and energy prices - were up
0.1% in November.
Initial claims
for unemployment benefits for the week ending December 8 fell by 29,000 to
343,000. Continuing claims for the week ending December 1 fell by 23,000 to
3.271 million.
Upcoming on
the economic calendar are reports on housing starts on December 19 and existing
home sales on December 20.
Provided by:
Judy Haller
Prospect
Mortgage
3985 Prince William Co. Pkwy., Suite 104
Woodbridge, VA
22192
Office: (703) 590-7132
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