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IMF
The sharp contraction in the U.S. economy "seems to be ending" but recovery will be slow with risks still looming from the weak labor and housing markets, the International Monetary Fund said on Friday.
The IMF, in its annual report on the U.S. economy, stuck to earlier forecasts that gross domestic product will shrink by 2.6 percent in 2009 and then rise by 0.8 percent in 2010.
Jul 31 · 1:22:00 PM · Source: Reuters
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by Rich Pike
GDP
Gross domestic product fell at a seasonally adjusted 1.0% annual rate April through June, the Commerce Department said Friday in the first estimate of second-quarter GDP.
The pace of contraction has slowed. It fell 6.4% in the first quarter and 5.4% in the fourth quarter.
Jul 31 · 10:02:00 AM · Source: Wall Street Journal
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by Rich Pike
Unemployment
USA Today is reporting that unemployment rates rose from May to June in 348 of more than 370 metro areas, according to an Associated Press analysis of Labor Department data released Wednesday.
The Labor Department does not provide seasonally adjusted metro area unemployment data. It does adjust the national unemployment rate for seasonal factors. The U.S. jobless rate, which hit 9.5% in June, is expected to rise to 9.7% when the department reports the July rate next week.
Jul 30 · 5:21:00 PM · Source: USA Today
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by Rich Pike
Mortgage Rates
The average 30-year rate increased to 5.25 percent from 5.2 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement. The 15-year rate was 4.69 percent.
Federal Reserve Chairman Ben S. Bernanke is trying to lower borrowing costs with a program to purchase mortgage-backed securities. The central bank’s plan brought down yields on government debt and mortgage-backed bonds issued by Fannie Mae, Freddie Mac and Ginnie Mae, allowing lenders to reduce rates on new loans and still sell the securities at a profit. Rates started climbing in May along with Treasury yields on investor concern that higher government debt would fuel inflation.
Jul 30 · 12:16:00 PM · Source: Bloomberg.com
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by Rich Pike
Unemployment
The number of Americans filing claims for jobless benefits last week held below levels seen in late June, before auto-related distortions set in, indicating firings are slowing as the economy stabilizes.
The four-week moving average, a less-volatile measure than weekly initial claims, fell to 559,000 from 567,250 the prior week. The average at the end of June, before the auto distortions set in, was 616,000, higher than last week’s reading. The level of continuing claims decreased by 54,000 to 6.197 million in the week ended July 18, the lowest level since April.
Jul 30 · 12:07:00 PM · Source: Bloomberg.com
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by Rich Pike
Durable Goods
The Commerce Department reported that durable goods orders fell 2.5 percent in June, the largest drop since January.
This was worse than market expectations for a 0.6 percent decline. Orders had advanced for two straight months. We're a long way from being out of the woods.
Jul 29 · 9:06:00 AM · Source: CNBC.com
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by Rich Pike
Housing
The value of U.S. homes grew on a monthly basis in May for the first time in nearly three years, according to 20-city index released Tuesday.
The month-over-month increase was 0.5%, according to the report from financial data company Standard & Poors and economists Case-Shiller. It was the first increase in the monthly index since July 2006.
On an annual basis, home prices in the 20 cities fell 17.1%, but it was the fourth straight month that the year-over-year decline lessened.
Jul 28 · 6:44:00 AM · Source: CNN Money
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by Rich Pike
Housing
A HUD and US Census report released today shows that new home sales increased 11% from May to June. However, new home sales this June are down 23% as compared to June 2008. Also, the median price of a new home in June 2009 was $206,000, down 13% from $246,000 in June 2008.
Take your pick - you can look at this report as good news because sales were up from last month. Or, you can look at it as bad news because volume and price is down from last June. Most media are reporting it as good news - a sign of the current mood.
Jul 27 · 5:50:00 PM · Source: CNN Money
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by Rich Pike
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