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The Kathy O'Neal Team
Last week’s economic reports included construction spending, personal income, and multiple reports on employment. Freddie Mac’s mortgage rates survey and new jobless claims were also released.
Last week’s economic news included reports on inflation, retail sales and weekly readings on mortgage rates and weekly jobless claims.
New jobless claims were decreased to a three-month low of 254,000 as compared to expectations of 265,000 new claims and the prior week’s reading of 270,000 new claims. New jobless claims were higher after the end of the school year, when some school workers became eligible for benefits when schools closed for summer break.
Mortgage rates fell after Federal Reserve policymakers decided not to raise the Fed’s target federal funds rate. The Federal Open Market Committee cited ongoing concerns over global financial and economic developments and slow jobs growth as factors in its decision not to raise rates. Fed Chair Janet Yellen emphasized the committee’s decision-making process is not predetermined and said that ongoing review of current and developing news is significant to monetary policy decisions.