The Economy

Last week was a light week for economic data.  United States Jobless Claims decreased to 287,000 in the week ending October 4th, a decrease of 1,000 from the previous week.  US Wholesale Inventories increased .70 percent as wholesalers ramped up for what is presumed to be increased demand.  Lower interest rates continue to drive down the Mortgage Bankers Association fixed 30-year mortgage rate as it average 4.30 percent in the week ended October 4th, down from 4.33 percent.  Lower rates helped support mortgage applications as refinancing and home purchase demand increased 3.80 percent for the week ending October 4th.  Slowing growth in property values and lower borrowing costs mixed with more people at work should provide support to the struggling real estate market.

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