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Consumer Spending Falls Flat In May

WASHINGTON (UPI) — Consumer spending was flat in May for the first time since November 2011, the U.S. Commerce Department said Friday. Spending was unchanged following a 0.1 percent rise in March and April and a 1 percent rise in February. Incomes rose, but showed a decline in growth. Incomes in May rose 0.2 percent, […]

Treasury Department Puts Out A Call For Apps

WASHINGTON (UPI) — The U.S. Treasury Department sent out a call for fresh ideas Wednesday with cash prizes awaiting the most popular entries. The department said it was looking for ideas that would help the public become “smarter financial consumers.” The contest, dubbed the “MyMoneyAppUp Challenge” has two categories for entries. The first category is […]

EU Economic Sentiment Index Stable In June

BRUSSELS (UPI) — The European Commission said Thursday economic sentiment remained virtually unchanged in the European Union in June. After dropping sharply in May, the Economic Sentiment Indicator for the European Union was unchanged at 90.4 in the 27-member EU, although it fell by 0.6 points to 89.9 in the 17-member eurozone, the countries that […]

Confirmed: Economic Growth Modest

WASHINGTON (UPI) — The U.S. economy expanded by a modest 1.9 percent on an annual basis in the first quarter of the year, the Commerce Department confirmed Thursday. The advance, which follows 3 percent growth of the fourth quarter of 2011, was confirmed in the final estimate out of three released by the department. Economists […]

Jobless Claims Drop By 6,000

WASHINGTON (UPI) — First-time jobless claims fell by 6,000 in the week ended Saturday, the U.S. Labor Department said. Initial claims for unemployment benefits fell to 386,000 from the previous week’s revised estimate of 392,000. The four-week rolling average, which gives a steadier indication of the direction of jobless claims, was little changed, dropping by […]

Long-Term Mortgage Rates Hit Lows

WASHINGTON (UPI) — Average mortgage interest rates for long-term, fixed-rate loans matched record lows in the week ended Thursday, the Federal Home Loan Mortgage Corp. said. Average rates for 30-year contracts held at 3.66 percent with 0.7 points, maintaining a record low. Thirty-year mortgage rates averaged 4.51 percent the same week of 2011. Average rates […]

Retail Rises In Week With Help From Heat

WASHINGTON (UPI) — U.S. retail receipts jumped 2 percent week to week, and 2.7 percent from the same week a year earlier, a trade group said Tuesday. The International Council of Shopping Centers said sales were “considerably stronger” at apparel stores in the week ending Saturday. Sales also gained and wholesale clubs and specialty stores, […]

Durable Goods Orders Rebounded In May

WASHINGTON (UPI) — The Commerce Department said U.S. durable goods orders rose 1.1 percent in May, a gain that exceeded the 0.4 percent rise economists expected. New orders in May rose to $217.2 billion following two consecutive months of declines, including a 0.2 percent drop in April. Transportation orders in May had the largest increase, […]

Mortgage Activity Down With Rates Mixed

WASHINGTON (UPI) — U.S. mortgage applications fell 7.1 percent in the week ending Friday with interest rates mixed, the Mortgage Bankers Association in Washington said. U.S. mortgage applications rose, while the trade group’s Refinancing Index fell 8 percent from the previous week. “Refinance volume fell last week due largely to a fall-off in refinance applications […]

Pending Home Sales Jumped In May

WASHINGTON (UPI) — The Pending Home Sales Index, a U.S. economic indicator, climbed in May to the highest level in two years, the National Association of Realtors said Wednesday. The index rose 5.9 percent in May to 101.1, up from 95.5 in April. Annual gains were also strong with monthly and 12-month gains noted in […]

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