Mixed economic data this morning beginning with Initial jobless claims for the week ending April 16 falling from 416,000 the prior week to 403,000, remaining stubbornly above the 400,000 level. The four-week moving average is now up to 399,000.
The Philadelphia Fed reported is regional manufacturing activity index continued to grow in April but at a slower pace than last month. The index of current activity decreased to 18.5 from 43.4 in March.
And finally the Conference Board’s index of leading indicators rose 0.5% in March, the ninth consecutive monthly increase. This index suggests the U.S. economy will maintain growth for the next three to six months.
Mortgage bonds closed slightly lower on Wednesday; however, prices have improved this morning, so pricing is flat to Wednesday.
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