Last week’s economic reports included readings on job openings and inflation along with weekly readings on mortgage rates and new jobless claims.
Job Openings Hit Third Highest Reading on Record
Job openings held steady at 6.70 million in June, which was the third highest reading since reporting started in 2000.
Analysts said that the high number of job openings combined with low unemployment rates indicates healthy labor markets. Fewer jobs were available in transportation, utilities and warehousing, but jobs in education increased.
Job quits remained at 2.20 percent for the fourth consecutive month. Quits are considered an indicator of worker confidence in job markets.
Inflation Inches Up
Inflation rose by 0.20 percent in July according to the Consumer Price Index. While analyst expectations were met, rising housing costs offset a decline in energy prices. Core inflation, which excludes volatile food and energy readings, held steady at 0.20 percent as compared to the same reading for analyst expectations and for June.
The Consumer Price Index rose 2.90 percent year-over-year, which matched June’s reading. The less volatile Core CPI, which excludes inflation readings for food and energy, rose by 2.40 percent year-over-year and was the highest reading for core inflation since 2008.
Mortgage Rates, New Jobless Claims Lower
Freddie Mac reported lower average mortgage rates last week. The rate for a 30-year fixed rate mortgage was one basis point lower at 4.59 percent; the average rate for a 15-year fixed rate mortgage was three basis points lower at 4.05 percent. Rates for a 5/1 adjustable rate mortgage averaged 3.80 percent, which was three basis points lower than for the previous week.
First-time jobless claims fell to 213,000 new claims filed and were lower than the expected reading of 217,000 new claims and the prior week’s reading of 219,000 new claims filed. The less volatile monthly reading fell by 500 new claims to 214,250 first-time jobless claims.
What‘s Ahead for the Week of August 13, 2018
This week’s economic readings include reports from the National Association of Homebuilders, Commerce Department readings on housing
Monday August 13, 2018
11:00 am Survey of Consumer Expectations July
Tuesday August 14, 2018
6:00 am NFIB Small Business Index July
8:30 am Import Price Index
11:00 am Household Debt Q2
Wednesday August 15, 2018
8:30 am Retail Sales July
8:30 am Retail Sales Ex-Autos July
8:30 am Empire State Index August
8:30 am Productivity Q2
8:30 am Unit Labor Costs Q2
9:15 am Industrial Production July
9:15 am Capacity Utilization July
10:00 am Home Builders' Index August
10:00 am Business Inventories June
Thursday August 16, 2018
8:30 am Weekly Jobless Claims
8:30 am Housing Starts July
8:30 am Building Permits July
8:30 am Philly Fed Index August
Friday August 17, 2018
10:00 am Consumer Sentiment August
10:00 am Leading Economic Indicators July
10:00 am Advance Report on Services Q2
Buy? Refi? Prequalify.
Get the Insider Track on Interest Rates!
AnnieMac Home Mortgage
Colorado's Mortgage Expert
NMLS: 253799 / AnnieMac Home Mortgage NMLS: 338923
Regulated by the Division of Real Estate
The material contained in this newsletter has been prepared by an independent third-party provider. The content is provided for use by real estate, financial
services and other professionals only. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is without errors.
Scott Synovic is a top performing mortgage loan originator providing superior levels of service and satisfaction to clients and business partners in Colorado - www.scottsynovic.com NMLS #253799 Fairway Independent Mortgage Corporation #2289