ELLIOTT D. POLLACK
- The Blue Chip consensus forecast now shows that 2016 will be a weak year. The current forecast is for 2.0% real GDP growth this year and 2.3% next. In both 2014 and 2015, real GDP growth was 2.4%.
- New orders for manufactured goods in February, down for three of the last four months, decreased by 1.7% from January on a seasonally adjusted basis and now stands 3.0% below a year ago. Inventories also dropped.
- The ISM non-manufacturing index rose in March by 1.1 percentage points over the February reading of 53.4. This indicates continued growth in the non-manufacturing sector for the 74th consecutive month. A reading above 50 indicates expansion.
- Non-revolving credit (mainly auto and student loan debt) rose 0.5% for the month in February and now stands 6.9% above a year earlier. Revolving credit (mainly credit cards) rose 0.3% and now stands 5.7% above a year ago (see chart below).
- 30-year mortgage rates for the week of April 7th were 3.59%. This compares to 3.71% the previous week and 3.66% a year ago.
- The median price of a single family home sold in Greater Phoenix was $230,000 in March. This is the same as in February and up from $218,000 a year ago.
- In Greater Tucson, the median sales price of a single family home sold was $190,000. Total active listings were 4,802 in the region, which is a decrease of 5.4%from February’s 5,078.