The Labor Department reports new applications for unemployment benefits rose by 5,000 last week to 239,000. Economists expected a seasonally adjusted 242,000 . Continuing claims felll by 3,000 to 2.08 million in the week ended Feb. 4.
The Commerce Department reports construction on new homes fell 2.6% in January, to 1.25 million annually. Economists expected 1.23 million. Starts fell 41% in the West and 18% in the Midwest, but increased 55% in the Northeast, and 20% in the South. Most of the drop was in multifamily. Construction on apartments, condos, and buildings with five or more units fell by almost 8%. Permits rose again and that’s a good sign. They climbed 4.6% in January to 1.29 million annnually, and are up 8.2% in the past year.
Freddie Mac reports the 30-year fixed-rate mortgage averaged 4.15% this week’s 4.17%. A year ago it was 3.65%. The 15-year fixed was 3.35% down from 3.39%. A year ago it averaged 2.95%.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
