The economy of the European Union is on track to grow at its fastest rate in a decade this year, boosted by robust job creation, rising investment, and decreasing debt, according to the European Commission. In its autumn forecast, it said it expects gross domestic product to expand by 2.2% in 2017, up from the 1.7% it forecast last spring. For 2018, the forcast was lifted to 2.1% from 1.8% but growth is expected to slow to 1.9% in 2019. The euro rose slightly against the dollar on the report.
The Labor Department reports initial claims for unemployment benefits rose by 10,000 to 239,000 the week ended November 4. That was more than the 231,000 expected by economists. Continuing claims rose by 17,000 to 1.9 million the week before.
Freddie Mac reports the 30-year fixed-rate mortgage averaged 3.90% this week, down from last week’s 3.94%. A year ago it was 3.57%. The 15-year fixed averaged 3.24%, down from 3.27%. A year ago it was 2.88%.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
