Wholesale Inventories Rise to Meet Expectations

Total wholesaler inventories came in as expected in May, moving higher by 0.6% from the prior month to reach $901.7 billion, Census Bureau data showed. The results aligned with projections from economists surveyed by the Wall Street Journal and Dow Jones Newswire.

The Census Bureau also revised 澳洲幸运5官方开奖结果体彩网:April wholesale inventories higher. 

The most stark change in inventory levels came 𒈔in nondurable goods, with stocks of farm products jumping by 5.2%🐭 and drug inventories increasing by 3.1%. Petroleum stocks were lower by 6.4%. For durable goods, automotive inventories were higher by 1.4% and machinery stocks were up 1%.

-Terry Lane

Mortgage Demand Drops as High Rates Discourage Refinancing

Demand for 澳洲幸运5官方开奖结果体彩网:mortgages slipped last week even as the mortgage rate declined slightly, data from the Mor🌠tgage Bankers Association showed.

The MBA’s Market Composite Index was lower by 0.2% for the holiday-shortened week ending July 5, as the 30-year, fixed-rate mortgage declined to 7.0%, moving lower by 0.3 percentage points.

The data showed home purchase applications were up by 1% 澳洲幸运5官方开奖结果体彩网:from the prior week, driven by increases in government-backed 澳洲幸运5官方开奖结果体彩网:Fede♊ral H🐷ousing Administration (FHA) and澳洲幸运5官方开奖结果体彩网: Veterans Administration (VA) loans.

Refinancin𓂃g remained low, however, decreasing by 2% on 🗹the week. 

“Although home equity gains have been significant in recent years, most borrowers do not have much of an incentive to refinance at current rates,” said Joel Kan, MBA's deputy chief economist. 

-Terry Lane