Here's the latest economic news.
Last Week in the News
In line with analysts' expectations, consumer prices pushed 0.3% higher in March after being unchanged in February, the Commerce Department reported April 16. Core consumer inflation, which excludes food and energy costs, rose 0.2% in March. Over the past 12 months, consumer inflation is up 4%, reflecting relentless gains in energy costs, which are up 17% over that period, and food prices, which are up 4.4%.
At the wholesale level, producer prices rose 1.1% in March, almost triple the 0.4% rise economists had expected. Core wholesale inflation, which strips out energy and food costs, rose just 0.2%, down from a 0.5% increase in February. For the past 12 months, producer prices are up by 6.9% and core producer inflation is up 2.7%, the biggest year-over-year increase in two years.
Housing starts fell by 11.9% in March to an annual rate of 947,000 units, the Commerce Department said April 16, a much bigger decline than economists were predicting. Meanwhile, building permits fell 5.8% to an annual rate of 927,000, the slowest pace since a 916,000 rate in April 1991.
Industrial production fared better, however, as output increased 0.3% in March, following a sharp 0.7% decline in February. Wall Street had predicted a 0.1% decline. Strength came mostly from the mining and utility sectors.
First-time claims for jobless benefits rose by 17,000, to 372,000 for the week ended April 12, the Labor Department reported. The four-week moving average of new claims held steady at 376,000.
According to RealtyTrac Inc, foreclosure filings were 5% higher in March than February and 57% higher than a year ago. March marked the 27th consecutive month of year-over-year increases in national foreclosure filings. Approximately one in every 538 households received a foreclosure filing in March.
Economic news due out this week includes reports on existing home sales on April 23 and new home sales on April 24.
Economic data compiled from government reports and news services Bloomberg.com, msnbc.com, cnbc.com, cnn.money.com and Yahoo Economic Calendar.
----------------------------------------------------
Kristin Devlin
949.350.3771
Laguna Woods Homes and Real Estate
