Basis Points U.S. mortgage rates fell for a third straight week , notching their biggest three-week decline in 14 years. The average rate on a 30-year fixed rate mortgage was 6.49% this week, down from a peak of 7.08% on Nov. 10, according to a report released Thursday by Freddie Mac. A key barometer of U.S. factory activity, the Institute for Supply Management's manufacturing survey, fell from 50.2% in October to a 30-month low of 49% in November, contracting for the first time since the start of the pandemic. Readings below 50% signal the economy is contracting. (Dow Jones Newswires) U.S. construction spending declined in October, driven by both lower residential and nonresidential building, as the housing market struggles with rapidly rising interest rates. Total construction spending fell 0.3% on month, according to the Commerce Department. Spending in September was revised to a 0.1% increase from a 0.2% gain initially estimated. (DJN) Total U.S. farm income will surge to a record $160 billion this year amid higher prices for a broad swath of agricultural commodities from soybeans to milk, according to the USDA. The agency expects farmers' earnings to jump 14% from 2021, hitting the highest level ever, or the highest since 1973 in inflation-adjusted dollars. (DJN) Economists polled by the Bank of Mexico in November increased their median 2022 GDP growth estimate from 2.1% in October to 2.8%. The year-end inflation forecast among 36 analysts fell from 8.5% to 8.36%, but the core CPI estimate rose from 8.29% to 8.37%. Forecasts for growth and inflation in 2023 were little changed from the October survey around 1% and 5.1%, respectively. (DJN) Brazil's trade surplus widened in November as exports increased and imports declined, the economy ministry said Thursday. The country recorded a surplus of $6.68 billion in November, after a surplus of $3.92 billion in October. Brazilian exports rose to $28.16 billion last month, from $27.30 billion in October, while imports declined to $21.49 billion from $23.38 billion. (DJN) China's inflation is likely to remain moderate next year, People's Bank of China Gov. Yi Gang says in a video speech to a conference. China's current inflation rate stands at about 2%, thanks in particular to food harvests and stable energy prices, Yi says. (DJN) The eurozone unemployment rate declined slightly in October, a sign of a resilient labor market even as an economic recession looms. The eurozone jobless rate fell to 6.5% in October from 6.6% in September, according to data from the European Union's statistics agency Eurostat released Thursday. Economists polled by The Wall Street Journal had forecast the unemployment rate at 6.6%. (DJN) French industrial production significantly fell in October, reflecting weakening external demand and high energy prices. Total industrial output--comprising output in manufacturing, energy and construction--declined by 2.6% on month after a revised 0.9% monthly decline in September. (DJN) Germany posted a larger-than-expected trade surplus in October, as imports declined more than exports. Germany's trade surplus--the country's balance of exports and imports of goods--was 6.9 billion euros ($7.3 billion) in calendar and seasonally-adjusted terms in October, rising from a EUR2.8 billion surplus in September, according to data from German statistics office Destatis released Friday. (DJN) U.K. house prices took a sharp tumble in November, falling by the most since the height of the pandemic, according to the Nationwide Building Society. Its latest survey showed annual house prices slowing to 4.4% from 7.2% in October. A monthly fall of 1.4% was the biggest since June 2020, following a 0.9% fall in October. (DJN) Feedback Loop
This newsletter is compiled by James Christie in San Francisco.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
12-02-22 0715ET
