March Leading Economic Index up 0.3 percent, but labor market bears watching
The U.S. LEI increased 0.3 percent in March, and while the monthly gain is slower than in previous months, its six-month growth rate increased further and points to continued solid growth in the U.S. economy for the rest of the year. However, labor market components made negative contributions in March and bear watching in the near future.
April Philadelphia Fed’s Business Outlook Survey positive, but prices rising
Results from the April Manufacturing Business Outlook Survey suggest continued growth for the region’s manufacturing sector. The firms also reported higher prices for both inputs and their own manufactured goods this month. The survey’s future indexes, measuring expectations for the next six months, reflected continued optimism.
Mortgage applications rise 4.9 percent, rates flat
The Market Composite Index increased 4.9 percent on a seasonally adjusted basis from one week earlier, with purchase loans up 6.0 percent and refinances up 4.0 percent. The average contract interest rate for 30-year fixed-rate mortgages remained unchanged at 4.66 percent.
Initial unemployment claims dip 1,000 in weekly report
In the week ending April 14, initial unemployment claims were 232,000, a decrease of 1,000 from the previous week’s unrevised level of 233,000. The 4-week moving average was 231,250, an increase of 1,250 from the previous week’s unrevised average of 230,000.