The Labor Department reports initial claims for unemployment benefits fell by 5,000 to 229,000 the week ended October 28. That was lower than the 235,000 expected by economists. Continuing claims fell by 15,000 to 1.88 million the week before. That’s the lowest level since December 1973. Unemployment is at a 17-year low of 4.2%
Freddie Mac reports the 30-year fixed-rate mortgage averaged 3.94% this week, same as last week. A year ago it was 3.54%. The 15-year fixed averaged 3.27% up from last week’s 3.25%. A year ago it was 2.84%.
The White House has notified Federal Reserve governor Jerome Powell that President Trump intends to nominate him as the next chairman of the Fed to succeed Janet Yellen according to the Wall Street Journal. The President and Powell spoke by phone on Tuesday. White House officials have said the President Trump will make the formal announcement sometime today. Wall Street likes Powell for his reputation of being dovish on monetary policy.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
