Personal income increased 0.4% in December; disposable personal income increased 0.4%; and personal consumption expenditures increased 0.7%.
News in end use
Canadian Real GDP Contracts 0.2% in November
Real GDP decreased 0.2% in November, the largest monthly contraction since December 2023, following a 0.3% increase in October.
US Apartment Rental Asking Prices Decline for the Sixth Consecutive Month in January
The national rent index saw its sixth consecutive month-over-month decline, falling 0.2% in January, Apartment List reported.
US Real GDP Increases at an Annual Rate of 2.3% in Q4, BEA Reports in Its “Advance” Estimate
Real GDP increased at an annual rate of 2.3% in Q4, following an increase of 3.1% in Q3.
US Pending Home Sales Fall 5.5% in December
The NAR Pending Homes Sales Index declined 5.5% to a reading of 74.2 in December. Year-over-year, sales were down 5.0%.
US Mortgage Application Payments Edge Lower in December
The national median payment requested by applicants decreased from $2,133 in November to $2,127 in December, MBA reported.
US Mortgage Rates Inch Lower in the Week Ending January 30
The 30-year fixed-rate mortgage averaged 6.95%, down from last week when it averaged 6.96%, Freddie Mac reported.
US Weekly Initial Jobless Claims Decline in the Week Ending January 25
The advance figure for seasonally adjusted initial unemployment claims was 207,000, a decline of 16,000 from the previous week’s unrevised level.
Federal Reserve Holds Interest Rates Steady
At its FOMC meeting, the Federal Reserve decided to maintain the target range for the federal funds rate at 4.25–4.50%.
Bank of Canada Cuts Interest Rates and Updates GDP Projections for 2025
The Bank of Canada has reduced its target for the overnight rate to 3.0%, with the Bank Rate at 3.25% and the deposit rate at 2.95%.