Daily Market Update 5/16/13

Mortgage rates ticked lower Thursday following the release of weaker than expected economic data.  This morning, weekly Jobless Claims jumped to 360,000, the highest level in six weeks, reversing a recent trend lower.  The April Consumer Price Index (CPI) fell 0.4%, below the consensus of -0.3%, and was a tame 1.1% higher than one year ago.  Core CPI, which excludes volatile food and energy components, increased 0.1%, a bit below expectations.  April Housing Starts declined 17% to 853,000 annual units, far below forecast, however Building Permits rose by 14%, much higher than expected.  The Philly Fed index, a survey of manufacturers in the region, came in at -5.2.  Readings below zero indicate contraction in the manufacturing sector.  No other key data will be released today.

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