The Labor Department reports initial claims for unemploymen benefits surged by 62,000 to 298,000 the week that ended September 2nd. That’s the highest level since Spring 2015. Economists excpected only 242,000. That was mostly due to Hurricane Harvey. Claims could be higher in coming weeks, especially if Hurricane Irma hits the East Coast. Continuing claims fell by 5,000 to 1.94 million the week that ended August 26.
Freddie Mac reports mortgage rates have hit their lows of 2017 for the third consecutive week. The 30-year fixed-rate mortgage averaged 3.78% this week, down from last week’s 3.82%. A year ago it was 3.44%. The 15-year fixed 3.08% down from 3.12%. A year ago it was 2.76%.
Amazon.com said it plans to open a second headquarters somewhere in North America that will house up to 50,000 employees and cost $5 billion to build and operate. The company is soliciting bids for the project, dubbed “HQ2,” and said it would prioritize metropolitan areas with more than one million people.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
