Last week’s economic news included reports on retail sales, inflation, and weekly reports on mortgage rates and new jobless claims.
Retail sales rose for the third consecutive month. May sales increased at a seasonally adjusted rate of 1.20 percent according to Commerce Department data.
The U.S. economy is expanding, fueled by a renewed consumer optimism and increased consumer spending.
If you have plans to buy a home in 2012, the best time to buy may be now. Today’s mortgage rates are low and so are the home prices — a combination that’s unlikely to last.
Consumer spending continues to rise nationwide, fueled by jobs growth and a rosier outlook for the U.S. economy. Unfortunately for mortgage rate shoppers, it may also lead to higher mortgage rates later this week.
The American Consumer is alive and well, it seems. Retail Sales are up 14 months in a row.
The American Consumer will not be deterred. Despite worsening jobless figures and an increase in the Cost of Living, Retail Sales are climbing.
Retail Sales rose for the 11th straight month in May. Excluding cars and auto parts, sales receipts climbed to $322 billion last month. It’s an all-time high and another example of the U.S. economy’s resiliency.
Thursday, the Census Bureau released the April Retail Sales report. Excluding cars and auto parts, retail receipts rose for the 10th straight month and, at $321 billion, reached an all-time high.
Wednesday, the Census Bureau will release its March Retail Sales figures and the report is expected to show higher sales receipts for the 9th straight month. A strong reading like that should spell higher mortgage rates nationwide.