The Labor Department reports initial claims for unemployment benefits last week fell by by 12,000 to 232,000. That is the lowest level since February and the second lowest since the current economic expansion began in 2009. Continuing jobless claims fell by 3,000 to 1.95 million in the week ended August 5.
The Federal Reserve reported industrial production rose in July for the second month in a row by 0.2%. Economists expected 0.3%. Utilities surged 1.6% due to cooling and mining output also rose 0.5% for the fourth straight increase reflecting frackers pulling more oil and natural gas out of the ground.
Freddie Mac reports mortgage rates dropped. The 30-year fixed averaged 3.89% this week, down from last week’s 3.90%. A year ago it was 3.43%. The 15-year fixed averaged 3.16% down from 3.18%. A year it was 2.74%.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
