Charlotte Mortgage Loan - Economic Update April 20th
The National Association of Home Builders/Wells Fargo housing market index posted its biggest monthly jump in five years in April. The index rose five points to 14 and is the highest since October 2008. An index reading higher than 50 indicates positive sentiment about the housing market.
Find Your House On Tuesday, April 14, the Labor Department reported that the producer price index, which tracks wholesale prices, fell by 1.2% in March. The drop was largely due to a 5.5% decrease in the cost of energy goods. Economists had expected a 0.1% decline.
The Commerce Department reported that retail sales dropped 1.1% in March compared to a revised 0.3% increase in February. It was the biggest decline in three months. Economists had anticipated retail sales to rise 0.3% in March.
The Commerce Department also reported that total business inventory decreased 1.3% in February. It was the sixth straight month that factories, retailers and wholesalers sought to cut their inventory.
The Labor Department reported Wednesday that consumer prices fell 0.1% in March after increasing 0.4% in February. Economists had expected the Consumer Price Index to rise 0.1%. Compared to a year ago, consumer prices fell 0.4%, the first 12-month decline since 1955.
The Federal Reserve reported Wednesday that industrial production at the nation’s factories, mines and utilities fell a seasonally adjusted 1.5% in March. It was the fifth straight monthly decline and larger than the 1% decrease economists had expected.
The Commerce Department reported that construction of new homes and apartments fell 10.8% in March to a seasonally adjusted annual rate of 510,000 units. Economists had anticipated a decline to 550,000 units. The decrease was due to a drop in multi-family units. Single-family construction was flat for the month. Meanwhile, building permits fell 9% to a seasonally adjusted pace of 513,000 units.
Eric Storm
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