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Retail sales, apps and confidence are up! {Market Report} April 23rd

Retail sales, apps and confidence are up! {Market Report} April 23rd
April 23, 2018 abryant

 

 

Constant change is here to stay.

Everyone should be able to do one card trick, tell two jokes, and recite three poems, in case they are ever trapped in an elevator.

Once you can accept the universe as matter expanding into nothing that is something, wearing stripes with plaid comes easy.

 

Now The Market Report . . .

 

The labor market continues to show strength, with unemployment of 4.1% nearing the Fed goal of 3.8%. Jobless claims this week were down to 232K.

Members of the Fed have expressed expectations that inflation will continue to rise this year. Higher inflation will likely contribute to higher mortgage rates.

After 3 months of declines, retail sales were up in March. The increase was fueled by auto sales and big-ticket household purchases.

 

March housing starts were up even more than expected. The increase included a rebound in multi-family home construction.

Although confidence among builders dropped slightly in April, the confidence index remains in solid territory. Buyer demand for new housing is still strong.

Spring has sprung for mortgage demand. Total mortgage applications were up 4.9% for the week, and purchase applications were up 10% over a year ago.

 

Today a man knocked on my door and asked for a small donation toward the local swimming pool. I gave him a glass of water.

 

This week’s potential market moving reports are:

 

Monday, April 23rd:         Existing Home Sales

Tuesday, April 24th:        S&P Corelogic Case-Shiller Home Price Index, FHFA Home Price Index, New Home Sales, Consumer Confidence

Wednesday, April 25th:   MBA Mortgage Applications

Thursday, April 26th:       First Time Jobless Claims, Durable Goods Orders

Friday, April 27th:            Consumer Sentiment, GDP

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