The government reported the first reading on Gross Domestic Product (GDP) for the 4th quarter of 2011 showing a rise to 2.8% from the 1.8% that was reported for the third quarter. The 2.8% was below the expectations of 3.2%. The jump in GDP was due in part to increased consumer spending and business inventories. The final number for Consumer Sentiment in January rose to 75.0, the best level since May of 2011. The recent increase in the labor market was one of the main reasons behind the move higher. Consumer expectations rose to 69.1 from 63.6. The national average price for a regular gallon of gasoline across the country stands at $3.38, up from $3.24 a month ago. A year ago the price was $3.01. In the commodities markets, the price for a barrel of Lt. Sweet Crude oil is nearly $100 while Gold is trading at $1,728/oz. Stock prices are lower on Wall Street dragged down by the lower than expected GDP data, European worries and profit taking after the recent run higher. Bond prices are hovering near unchanged levels heading into the weekend. The possibility of a deal in Greece is capping prices today.
Brought to you, courtesy of The Mortgage Market Guide
