The Labor Department reports new applications for unemployment benefits last week increased by 10,000 to a seasonally adjusted 244,000. Continuing claims fell by 13,000 to 1.96 million. They have been under 2 million for 16 straight weeks. That last happened in 1973.
Freddie Mac reports mortgage rates are down for the second week in a row. The 30-year fixed-rate mortgage averaged 3.92% this week down from last week’s 3.96%. A year ago it was 3.48%. The 15-year fixed averaged 3.20% down from 3.23%. A year ago it was 2.78%.
The Chicago Fed’s national activity index improved to a positive 0.13 in June from a downwardly revised negative 0.30 in May. The index got its lift from recoveries in the manufacturing and employment components, while the consumption/housing component dragged, although less than in May. May’s revised reading was the lowest since August 2016, but April was the highest since March 2014.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
