Weekly Economic Update

By
Real Estate Mortgage Broker with Nima Rezvan Prospect Mortgage NMLS#110681

Orders to U.S. factories for manufactured goods rose by 0.7% in May, significantly better than the 0.1% increase analysts had been expecting, the Commerce Department reported July 5. Much of the rise stemmed from a 1.6% increase in demand for nondurable products -- items not expected to last more than three years.

The service sector of the economy expanded for a 39th consecutive month in June, albeit at a slower pace than May, according to the Institute for Supply Management's index of activity released on July 6. June's reading of 57 was less than May's index of 60.1 and below analysts' expectations of 59. (Any reading of 50 or more indicates expansion.)

Retail sales were sluggish in June, creeping up 2.6%, compared to the 4.1% average gain in the first five months of 2006. Among the sales figures compiled by the International Council of Shopping Centers, Wal-Mart Stores Inc. reported a sales increase of 1.2% in their stores that have been open a year or more.

Meanwhile, construction spending fell 0.4% to a seasonally adjusted annual rate of $1.206 trillion in May from April's $1.211 trillion. The two straight monthly declines were the first back-to-back drops since February and March 2003. Analysts had forecast a 0.2% rise.

Against a backdrop of rising geopolitical tensions, oil prices set another record on July 7, reaching $75.78 a barrel. Yet the U.S. Department of Energy's weekly inventory report showed that the country's supply of gasoline unexpectedly rose by 700,000 barrels to 231 million barrels, or 1.4% better than a year ago.

This week look for an update on retail sales on July 14.

(K.Csehak, AHM)

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Nima Rezvan

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Location:
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Comments 3 New Comment

Rainer
294,960
Teri Isner
GRI, CRS, CIPS
Keller Williams Celebration
Interesting how these numbers affect our buyers buying power.
July 19, 2006 07:10 PM
Rainer
207,933
James Wexler
wexzilla.com

this may not be the correct forum to ask . however , can you do deals in Phoenix.

I have contracts on 20 units $110K each

  • investor (not second home or primary)
  • full doc
  • 20% down
  • Non-warrantable condo conversion
  • full-doc
  • seller will contribute 3% towards costs

If you think you may be able to do something , please give me a call

August 01, 2008 01:35 AM
Ambassador
715,009
Mike Jones
Mike Jones NMLS 223495
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171)

Nima,

Somehow I subscribed to your blog at one point, and I'm going through the blogs at the bottom of my subscribed list.  Wonder what you're doing in this market...

Mike in Tucson

October 18, 2008 05:09 AM
Rainmaker
493,783

Nima Rezvan

First Time Home Buyer Expert - CT FHA Loans - FHA 203k - CT Mortgage
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