Economic news was lean last week as the first week of the month tends to be calm in the aftermath of the rush of end-of-month reporting. Of note was CoreLogic's report on housing markets, the release of the minutes from the most recent FOMC meeting and lower mortgage rates reported by Freddie Mac.
Last week's economic news included multiple reports on housing and the labor sector. The good news is that job markets appear to be stronger, with new jobless claims and the national unemployment rate lower.
Last week's economic news included several housing-related reports that provided mixed results with lower than expected sales of previously owned homes and higher than expected sales of new homes.
Sales of previously owned homes fell in August according to the National Association of REALTORS. This was the first decline in sales in five months. Although not welcome news to homeowners and real estate pros, there is good news...
Last week's economic news largely concerned the Federal Reserve's FOMC meeting statement and a post-meeting conference given by Fed Chair Janet Yellen. The FOMC statement indicated that the Fed continued its wind-down of Treasury and mortgage-backed securities and that its purchases are expected to cease after the next FOMC meeting.
Wednesday's customary post-meeting statement issued by the Federal Open Market Committee (FOMC) of the Federal Reserve provided some relief to investors and analysts concerned that the Fed may soon raise its target federal funds rate.
Last week's housing related economic reports were slim, but an unexpected increase in weekly jobless claims gained attention. Analysts calmed concerns by noting that last week's reading of 315,000 new jobless claims was not far removed from jobless claim levels before the recession.
Last week's housing-related economic news was slim, likely due to the Labor Day holiday Monday. On Tuesday, the U.S. Commerce Department reported that construction spending for July increased by 1.80 percent as compared to June's revised reading of 1.0 percent and expectations of a 1.0 percent increase for July.
Last week's economic news included several reports related to housing. The Case-Shiller and FHFA reports for June showed a further slowing in home price growth. New home sales for July fell short of the expected reading, but pending home sales exceeded expectations.
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