Economic News

  vLast week’s economic reports included pending home sales, construction spending, and labor-sector readings on job growth and the national unemployment rate. Weekly readings on mortgage rates and jobless claims were also published. Last week’s economic reports included pending home sales, construction spending, and labor-sector readings on job growth and the national unemployment rate. Weekly readings on mortgage rates and jobless claims were also published.   Construction Spending Rises as Demand for Homes Increases High demand for single-family homes drove construction spending up by 1.30 percent to a seasonally adjusted annual pace of $1.44 trillion in October. The Commerce Department adjusted September’s reading to -0.50 percent. Analysts said that spending for…

Last week’s scheduled economic news included readings on consumer credit, job openings, jobless claims, and mortgage rates. Consumer Borrowing Declined at Slower Pace in May According to Federal Reserve data, consumer borrowing fell at a slower annual pace of -5.30 percent in May as compared to April’s reading of -20 percent. Non-revolving consumer credit, which includes vehicle and student loans, increased by 2.30 percent in May. The Federal Reserve does not report on real estate loans. Federal assistance programs including the first round of stimulus checks, additional unemployment payments and support for businesses contributed to better readings for the economy in May, but last week’s rising coronavirus cases may cause all…