Free Markets, Free People

Economic Statistics for 29 Jul 15

The MBA reports that mortgage applications rose 0.8% last week, with purchases down -0.1% and refis up 2.0%.

The Pending Home Sales index unexpectedly fell a sharp -1.8% in June, to 110.3. Analysts expected a 0.4% increase.

The Fed took no interest rate action at the today’s FOMC meeting and saw no change in the pace of “moderate” economic growth. 

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One Response to Economic Statistics for 29 Jul 15

  • Consumer confidence fell last week by the most in five months as households’ attitudes about their finances and U.S. economy deteriorated.

    The Bloomberg Consumer Comfort Index declined to 40.5 in the week ended July 26, matching the second-lowest level since November, from 42.4. The measure of attitudes about personal finances suffered its biggest weekly setback in 10 months.

    Sentiment has soured recently as concerns about Greek debt and China’s economic slowdown ignited stock-market volatility in the U.S. Continued improvement in the labor market that pushes wages higher would help reassure Americans the recovery remains on track, giving them the confidence and the means to boost spending.

    In high tech, Microsoft shedding 7,800 and QualComm shedding 15% of it’s workforce. In energy, Royal Dutch Shell has 6,500 Layoffs.
    In drugs, 200 former GlaxoSmithKline employees transferred to Parexel laid off.

    When the high tech, energy and ethical drug companies start shedding jobs, there isn’t a great future ahead.