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michigan second mortgage
Industry Output Tepid, Consumers Downcast
By Ellen Freilich NEW YORK (Reuters) - Industrial production and consumer sentiment reports came in on the weak side on Friday, the latest data to support the view that higher oil prices could lead to slower U.S. growth in the
second quarter. The Federal Reserve said U.S. industrial production rose 0.3 percent in March, as expected, but February's output was revised down to a 0.2 percent increase from the 0.3 percent gain previously reported. The latest measure of April consumer confidence also bespoke a more uncertain economic outlook as energy costs soared. The University of
michigan's consumer sentiment index slid to 88.7 from 92.6 in March, according to market sources who saw the subscription-only report. "It seems ... that higher oil prices are having an effect on both businesses and consumers," said Elisabeth Denison, economist at Dresdner Kleinwort Wasserstein. "So the momentum of economic activity going into the
second quarter is less vigorous than we expected." For the current month, the Federal Reserve Bank of New York's report that its gauge of regional manufacturing fell in April to its lowest level in two years sharpened the impression that industry output was softening. On the inflation front, however, March capacity use -- the portion of the nation's mines, factories and utilities used in production -- rose to 79.4 percent, a lower level than forecast, easing worries about incipient inflation pressure. Economists and the inflation-wary bond market have focused on capacity use levels to detect hints of capacity constraints that could lead to production bottlenecks and inflation pressures. Such signs failed to emerge in the March report. CONSUMER SENTIMENT Reflecting record high gasoline prices that have soaked up consumers' disposable income, the University of
michigan's consumer expectations index fell to 79.0 from 82.8, while consumers' view of current conditions fell to 103.9 from 108. Michael Englund, chief economist at Action Economics, said the Federal Reserve's policy of raising interest rates also was starting to affect consumers' outlook. "I think it is only now hitting home that interest rates are rising. So with a lower stock market, the surge in gas prices at the pump and rising interest rates, which ultimately will hurt housing and the
mortgage market, there is sudden shift in sentiment." Continued ...
Source: reuters.com