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The Economy

May 28, 2014 | Weekly Commentary

As noted in the “Heads Up!” article above, home sales numbers had been lagging in 2014 until last week.  New home sales grew 6.4% month-over-month in March while existing home sales rose 1.3%.  The MBA 30-year fixed mortgage rate dropped to 4.33% during the week ending on May 16th marking a 2014 low, which saw increased demand in mortgage applications by .9%.  United States initial jobless claims rose to 326,000 in the week ending May 17th, putting it near its one month moving average.  U.S. Manufacturing PMI continues to report strong numbers, increasing to 56.2 in April from 55.4 in May.  This week’s data marked progress for the U.S. economy.  Important data being released this week includes:  Consumer Confidence, Gross Domestic Product 2nd quarter estimate, Pending Home Sales, Personal Income, and Personal Spending.

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