Daily Market Update 8/30/13

Mortgage rates held steady Friday in quiet trading ahead of the extended Labor Day weekend.  In economic news, July Core PCE price index, the Fed’s preferred measure of inflation, rose 0.1%, a bit less than expected, and was a tame 1.2% higher than one year ago.  Personal Income increased by 0.1%, below the consensus forecast of 0.2%.  The Chicago Purchasing Managers Index, a survey of Midwest manufacturers, came in at 53.0, matching expectations.  Consumer Sentiment declined to 82.1, but was better than expected.  Financial markets will be closed on Monday.  No other key data will be released today.  Have a safe weekend!

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