A look at some of the key business events and economic indicators upcoming this week:
Credit check
The Federal Reserve issues its latest snapshot of consumer borrowing on Wednesday.
The tally is expected to show consumer borrowing rose by $9.1 billion in June, easing from the $11.4 billion jump in May. Total consumer debt has risen to more than $5 trillion. Consumer debt is being closely watched amid the persistent squeeze from inflation.
Consumer credit, monthly change, seasonally adjusted, billions of dollars:
Jan. 12.8
Feb. 11.6
March -1.2
April 6.5
May 11.4
June (est.) 9.1
Source: FactSet.
Unemployment monitor
The Labor Department releases its weekly tally of unemployment benefits claims on Thursday.
The number of Americans filing for unemployment benefits jumped to its highest level in a year during the last week in July, even as the labor market remains surprisingly healthy. Weekly unemployment claims are considered a proxy for layoffs and a sign of where the job market is headed.
Initial jobless benefit claims, weekly, seasonally adjusted:
June 21: 234,000
June 28: 239,000
July 5: 223,000
July 12: 245,000
July 19: 235,000
July 26: 249,000
Source: FactSet.
Mortgage rate update
Mortgage buyer Freddie Mac on Thursday delivers its weekly snapshot of home loan rates.
The average rate on a 30-year mortgage capped off July by falling to its lowest level since early February. The average rate on a 30-year mortgage has recently been more than double what it was just three years ago. The elevated mortgage rates have discouraged home buyers, extending the nation’s housing slump into its third year.
30-year fixed-rate mortgage, percentage
June 27: 6.86
July 3: 6.95
July 11: 6.89
July 18: 6.77
July 25: 6.78
Aug. 1: 6.73
Source: Freddie Mac.
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