U.S. Economic News
March 21, 2019
U.S. Economic Indicators
Initial jobless claims fell 9,000 to 221,000 last week. The four-week moving average rose 1,000 to 225,000. DOL Report
The Conference Board Leading Economic Index increased 0.2% to 111.5 in February. Although the recent increase suggests the economy will expand in the near term, the index’s slowing growth rate suggests that economic growth may decelerate by year end. Conference Board Report
U.S. News
The Wall Street Journal reports that originations for jumbo mortgages dropped 12% last year, outpacing the decline in lower-cost mortgages that meet standards for Fannie Mae and Freddie Mac’s government backing. High-cost mortgages dominate the market in expensive cities, but demand is cooling amid a slowing U.S. economy and new tax laws that reduce incentives to buy large homes. WSJ
The Wall Street Journal reports that Federal Reserve officials stated they are unlikely to raise interest rates this year and may be finished with the series of rate hikes that began in 2016. Projections showed that 11 of the 17 Fed officials who have a role in interest rate policy did not think the Fed would have to raise rates this year, up from two in December. Mild inflation pressures, a sharp pullback in financial risk-taking, and slowing U.S. growth have softened the Fed’s outlook. WSJ