Last Week in The News - Economic Update.

U.S. Treasury Secretary John Snow said September 9th that destruction from Hurrican Katrina would slow the nation's economic growth by 1/2- percentage point, not the 1 percentage point the Congressional Budget Office has estimated.

Meanwhile, the nation's productivity slowed in the spring while labor costs edged up, the Labor Department reported September 7. Productivity the amount of output per hour of work increased at a 1.8% annual rate in the second quarter, down from a 3.2% increase in the first quarter. At the same time, labor costs rose 2.5% in the spring, slightly higher than the 2.2% rate of increase in the first three months of the year.

Wholesale inventories took a suprising dip in July, posting the weakest performance in 28 months, the Commerce Department said September 8. Inventories decreased by .1% after increasing the .4% in June. Wall Street analysts predicted a .6&% gain.

U.S. service-sector businesses, however, surged in August, according to The Institute for Supply Management. Its non-manufacturing Index, issued Septmber 6, rose to 65% in August from July's 60.5%, the best reading since April 2004. Readings above 50% indicate growth.

Rates on 30-year mortgages, after declining for three weeks, were unchanged last week while other types of mortgages dipped lower on expectations of slower economic growth in coming months.

Courtesy - Bear Creek Mortgage Consultants
Bob Lees 303-670-3510

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