October 2012

My Time

A word on blogging in the mortgage industry (and the final installment of The 31 Days of Rocktober)

Manufacturing Improving but Flat. Employment Cost Contained.

Mortgage Applications data for last week is not available.  Data for this week will have little meaning because of the storm. Employment Cost Index (3rdQ2012) ECI – Quarter/Quarter change 0.4%. Previous was +0.5% ECI – Year/Year change +2.0%. Previous was +1.7%. Looking at the components of Employment Cost: Year/Year wages and  salaries are up 1.7%

Real Consumer Spending Flat.

Personal Income/Outlays  (September 2012) Personal Income – Month/Month  0.4% Consumer Spending – Month/Month 0.8% PCE Price Index — Month/Month 0.4% Core PCE price index – Month/Month 0.1% PCE Price Index — Year/Year 1.7% Core PCE price index – Year/Year  1.7% The gains in spending were largely due to inflation. Dallas Fed Manufacturing Survey (October 2012)