The Labor Department reports initial claims for unemployment benefits fell to 235,000 last week down from a revised 263,000. Economists expected 260,000. Continuing claims rose by 16,000 to 2.11 million in the week ended December 24. initial claims have been under 300,000 for 96 straight weeks, the longest stretch since 1970.
The Institute for Supply Management said its services index stayed at 57.2% in December, matching a 12-month high. Readings above 50% indicate improving activity. Economists expected 57.1%. New orders improved but employment fell.
Freddie Mac reports mortgage rates dropped this week. the 30-year fixed-rate mortgage averaged 4.20% down from last week’s 4.32%. A year ago it averaged 3.97%. The 15-year fixed averaged 3.44%, down from last week when it averaged 3.55%. A year ago it was 3.26%.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
