MBA Purchase Applications 444.0
(Econoday.com) - The Mortgage Bankers purchase index slipped 1.7 percent to 444.0 in the Jan. 30 week, still holding at high levels and indicating continued strength in the nation's housing market. The refinancing index also slipped in the week, down 1.4 percent at 3,250.6 and continuing to indicate steady activity. Thirty-year mortgage rates edged higher in the week (about 4 basis points to 5.68 percent according to Freddie Mac).
ISM Non-Manufacturing Survey 65.7%
(Econoday.com) - The business activity index from the ISM non-manufacturing survey jumped nearly 8 percentage points in January to 65.7 from December's level of 58 percent. This was significantly higher than expected and should bode well for the equity markets, although it could be considered negative news for the bond market since it is showing strength in the economy.
Among the other components in the survey, new orders accelerated to 64.9 in January from 59.5 in December and supplier deliveries increased from 52 in December to 56.5 in January. Other components remained well above the 50 percent mark, but dipped slightly from the December pace. These include: employment, prices, backlog of orders, and inventory sentiment.
Factory Orders +1.1%
(Econoday.com) - Factory orders rose 1.1 percent in December, significantly higher than expected by market players due not only to an upward revision in durable goods orders (+0.3 percent) but also to a strong 2 percent rise in nondurable goods orders. The goods news on factory orders doesn't stop there -- November orders were revised up to show a smaller decline than previously estimated. While nondefense capital goods orders rose 0.8 percent for the month; defense capital goods rose 1 percent. Aircraft and parts were a major boost to factory orders in December. While new orders for semiconductors are no longer part of the report, shipments for semiconductors declined 3.8 percent in December after rising only 0.3 percent in Noember. These remain a weak spot. Factory shipments rose 1.5 percent while were unchanged and unfilled orders rose 0.4 percent.
More to come...
04.02.04 10:26 #