Consumers Feeling Good Ahead Of Black Friday
Please excuse my pun, but it is Thanksgiving time. A ‘feast’ of economic data is out today.
And the market’s reaction has been good after a quiet trading session on Tuesday. There are no markets of course on Thursday, and a shortened trading day on Friday with a noon closing.
Mortgage rates fell to fresh record lows this week, helping to provide further support to the ongoing housing market recovery. The average rate on the 30-year loan dipped to 3.31 percent, the lowest on records dating back to 1971.
The Conference Board says a forward looking gauge of the economy rose 0.2 percent in October. The index of leading indicators suggests additional modest expansion for the economy in the coming months.
The number of people seeking U.S. unemployment benefits fell sharply last week to a seasonally adjusted 410,000, though the figure was elevated for the second straight week by Super Storm Sandy. The Labor Department says applications dropped by 41,000 from the previous week, when the impact of the storm drove applications to their highest level in 18 months.
Wednesday’s data shows a positive consumer heading into the holiday season.