4/7/2023 – MetroIntelligence Economic Update by P. DUFFY

MetroIntelligence Economic Update by P. DUFFY

Purchase loan applications fall 4 percent from previous week, down 35 percent year-on-year

The Market Composite Index for mortgage applications decreased 4.1 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling 4 percent (and down 35 percent year-on-year) and refinances falling 5 percent (and down 59 percent year-on-year). The average contract interest rate for conforming 30-year fixed-rate mortgages decreased to 6.40 percent from 6.45 percent.

https://www.mba.org/news-and-research/newsroom/news/2023/04/05/mortgage-applications-decrease-in-latest-mba-weekly-survey

 

March manufacturing sector index slips further to 46.3 percent

The March Manufacturing PMI® registered 46.3 percent, 1.4 percentage points lower than the 47.7 percent recorded in February. 50.0 is the split between growth and decline. Regarding the overall economy, this figure indicates a fourth month of contraction after a 30-month period of expansion and is at its lowest level since May 2020, when it registered 43.5 percent.

https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/pmi/march/

 

March service sector index falls to 51.2 percent as growth slows

In March, the Services PMI® registered 51.2 percent, 3.9 percentage points lower than February’s reading of 55.1 percent. The composite index indicated growth in March for the third consecutive month after a reading of 49.2 percent in December, the first contraction since May 2020 (45.4 percent). There has been a pullback in the rate of growth for the services sector, attributed mainly to (1) a cooling off in the new orders growth rate, (2) an employment environment that varies by industry and (3) continued improvements in capacity and logistics, a positive impact on supplier performance.

https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/services/march/

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