U.S. Economic News
October 12, 2018
U.S. Economic Indicators
The University of Michigan Consumer Sentiment Index fell 1.1 points to 99.0 in the preliminary October reading, and is down 1.7 points on the year. The Index of Consumer Expectations declined 1.4 points to 89.1, while the Current Economic Conditions Index edged down 0.8 point to 114.4. Report
U.S. News
According to the Wall Street Journal, a recent survey of economists suggests that the new U.S.-Mexico-Canada free trade agreement is unlikely to affect long-run economic growth in the U.S. A majority of economists who were surveyed also said that they don’t expect the new trade deal to increase manufacturing employment, and may even reduce manufacturing employment due to higher labor costs. WSJ
The Wall Street Journal reports that mortgage rates climbed to their highest level in over seven years this week. The average rate for a 30-year fixed-rate mortgage rose to 4.9%, the largest weekly jump in nearly two years, further worsening affordability issues for many homebuyers who already face a historic shortage of homes for sale. WSJ