Saturday, October 21, 2006

Weekly Summary of U.S. Economy

Summary: Sharp declines in energy prices brought good news on the inflation front, with both producer (PPI) and consumer (CPI) prices declining in September. The housing market got a boost with housing starts rising in September, but the overall housing market remains soft. The Index of Leading Economic Indicators was up in September, but just barely (.10%). And on Wall Street, the Dow Jones Average marked the 19th anniversary of the 1987 crash by closing above 12,000 on both Thursday and Friday, setting a new record. For the week, the yield of the 10-year U.S. Treasury note fell 3 basis points to 4.78%, and the average 30-year fixed mortgage rate rose 1 basis point to 5.93%.

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