Registered Investment Adviser Caleb Lawrence
The major averages enter the final hour with modest gains on generally positive data. The Mortgage Bankers Association or MBA reports that mortgage activity advanced .7% last week. Purchase apps slipped .1%, refi’s gained 1.4%. The 30-year contract rate for a jumbo loan fell to 4.13% to close 2017. That said this series has been trending lower since late September.
The Institute for Supply Management – New York manufacturing index slipped 1.8 points in December to 56.3. An odd report the 6-month outlook jumped 16 points to 85.7, yet the employment component plunged 21.6 points to a contractionary 42.9.
Construction spending advanced .8% in November on strong gains in residential and commercial construction. Public construction spending fell sharply but remains positive at .2%. This marks a 4th consecutive advance for the series.