Daily Market Update 1/19/12

Mortgage rates faced upward pressure Thursday as weekly Jobless Claims declined to 352,000, far below forecast.  In other economic news, the December Consumer Price Index (CPI) was unchanged from November, and 3.0% higher year-over-year.  The closely-watched “Core” CPI, which excludes food and energy components, rose 0.1%, matching expectations.  December Housing Starts fell 4.1%, more than expected.  The Philadelphia Fed index, a survey of manufacturing activity in the region, rose to 7.3.  A reading of 10.3 had been forecast.  No other key data will be released today.

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