- Jobless Claims – Initial claims rose 16,000 to 326,000, which is 6,000 more than the Econoday consensus.
- Bloomberg Consumer Comfort Index – The comfort survey showed an index of the buying climate rose to -37, the best since January 19, which ended at -39.
- Employment Situation – Job growth is improving, but not quite as much as forecast. Total nonfarm payroll jobs rose 192,000 in March after a 197,000 boost in February.
According to the Primary Mortgage Market Survey released by Freddie Mac, average mortgage rates remained relatively unchanged from the week prior.
30-year fixed-rate mortgages (FRMs) averaged 4.41% with an average 0.7 point for the week ending April 3, 2014, up from last week when they averaged 4.40%. A year ago at this time, 30-year FRMs averaged 3.54%.
15-year FRMs this week averaged 3.47% with an average 0.6 point, up from last week when they averaged 3.42%. A year ago at this time, 15-year FRMs averaged 2.74%.
5-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 3.12% this week with an average 0.5 point, up from last week when they averaged 3.10%. A year ago, 5-year ARMs averaged 2.65%.
1-year Treasury-indexed ARMs averaged 2.45% this week with an average 0.4 point, up from last week when they averaged 2.44%. At this time last year, 1-year ARMs averaged 2.63%.
Despite a good start to the week, stocks ended mostly down after the NASDAQ plunged 2.6% Friday and both the Dow Jones Industrial Average and S&P 500 fell nearly 1%. For the week, the NASDAQ finished down 0.6%.
The Week Ahead
Tuesday, April 8
JOLTS (10:00 a.m. ET) – The JOLTS report is the Labor Department’s Job Openings and Labor Turnover Survey.
Wednesday, April 9
FOMC Minutes (2:00 p.m. ET) – The minutes include the complete economic analysis compiled by Fed officials and whether or not any FOMC members have voiced opinions at odds with the rest of the group.
Thursday, April 10
Jobless Claims (8:30 a.m. ET) – New unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time.
Bloomberg Consumer Comfort Index (9:45 a.m. ET) – The Bloomberg Consumer Comfort Index is a weekly, random-sample survey that tracks Americans’ views on the condition of the U.S. economy, their personal finances and the buying climate.
Friday, April 11
Consumer Sentiment (9:55 a.m. ET) – The University of Michigan’s Consumer Survey Center questions 500 households each month on their financial conditions and attitudes about the economy. Consumer sentiment is directly related to the strength of consumer spending.
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