Economic Statistics for 7 May 14
The MBA reports that mortgage applications rose 5.3% last week. Purchases rose 9.0% and re-fis 2.0%.
Gallup’s Job Creation Index rose 2 points to 25 in April.
Non-farm productivity fell a sharp -1.7% annualized in the 1st Quarter of 2014 while unit labor costs rose 4.2%. Weather distortions are being blamed. On a year-over-year basis, productivity is up 1.4%.
The JP Morgan Global Composite PMI fell -0.7 points to 52.8 in April. The Global Services PMI fell -0.8 points to 52.7.
Consumer credit expanded by a sharp $17.5 billion in March, but it’s mainly in non-revolving credit.