THE BASIS POINT

1stQ2015 GDP Revised upward but still Weak.

 

MBA Mortgage Applications (week ended 6/19/2015)

– Purchase Index Week/Week +1.0%. Previous weeks were -4.0%, +10.0%, -3.0%, +1.0%, -4.0%, -0.2%, +1.0%, +0.0%, +5.0%, -3.0%, +7.0%, +6.0%, and +5.0%,.

– Refinance Index Week/Week +2.0%. Previous weeks were -7.0%, +7.0%, -12.0%, -4.0%, +0.3%, -6.0%, -8.0%, -4.0%, +1.0%, -2.0%, -3.0%, and +4.0%.

– Composite Index Week/Week +1.6%. Previous weeks were -5.5%, +8.4%, -7.6%, -1.6%, -1.5%, -3.5%, -4.6%, -2.3%, +2.3%, -2.3%., +0.4%, +4.6%, and +9.5%.

Year-on-year, purchase applications are up 18.0%.

 

1stQ2015 GDP 2nd Revision

– Real GDP quarter/quarter seasonally adjusted, annualized  -0.2%. Previous estimate was -0.7%
– GDP price index quarter/quarter seasonally adjusted, annualized +0.0%. Previous estimate was -0.1%.

Average GDP growth has been about +2.3% for the past 2 years.  That is weak.

 

Corporate Profits 1stQ2015

– After-tax Profits year/year  +9.0%. Previous was +9.2%.

Corporate profits in the 1stQ were $1.891 trillion.

 

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