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Jobless claims level off, remain at 7-year low

Market
WASHINGTON (4/18/14)--After initial jobless claims fell to a 7-year low last week, claims inched up by 2,000 this week to 304,000, according to numbers released by the Labor Department Thursday (Economy.com April 17).

Though, with analysts actually expecting a higher increase in claims, the data supports a pervading belief that, while still fairly weak, the job market is strengthening.

"Claims are suggesting a net pick-up in employment relative to last year's average," Jim O'Sullivan, High Frequency Economics' U.S. chief economist wrote (MarketWatch.com April 17).

Added analysts from RDQ Economics: "The jobless claims data also suggest the labor market may be making progress toward the Fed's labor market objective more quickly than many policymakers expect."

The four-week moving average fell to 312,000 from 316,750, and continuing claims for those who apply for unemployment benefits for at least a second straight week fell 11,000 to 2.74 million for the week ending April 5.

Analysts say the data also shows a downward trend in the rate of layoffs, compounding stats from the Bureau of Labor Statistics that revealed that the layoff-rate sits at an all-time low for the survey used, which dates back to 2000 (Economy.com April 17).

The number of hires continues to rise, but only at a slow pace, as they have only reached mid-2008 levels.

Moody's analysts expect the unemployment rate to bottom at 6.3% at year's end, with monthly job gains above 250,000 per month by that point and just below 300,000 per month by the middle of 2015.

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Credit default rates drop across U.S. in March: Experian

Market
NEW YORK CITY (4/18/14)--Credit throughout the U.S. appears to be on the mend, as credit default numbers across the board dropped in March, according to the S&P/Experian Consumer Credit Default Indices (Experian.com April 15).

The composite index, which comprises all credit types, recorded its lowest post-recession rate last month at 1.2%. First mortgage default rates fell to 1.3%, the lowest since September 2006, and second-mortgage defaults fell to 0.6%.

Both auto loan and bank card credit default rates experienced historic lows in March as well, at 0.99% and 2.73% respectively.

"Along with signs that the economy is improving, consumer credit default rates continue to gradually decline," said David M. Blitzer, S&P Dow Jones Indices Index Committee chair and managing director.

The indices also track five major metropolitan statistical areas: New York, Chicago, Dallas, Los Angeles and Miami. All five saw decreases in credit default rates and have seen substantial improvements over levels in March of last year.  

Improvements in consumer confidence and the labor market, as well as a boost in retail sales, may have driven the decline. Default rates have fallen to pre-recession levels, the report said.

Rising levels of auto and student loans, meanwhile, could lead to higher levels of default in the near future, according to Experian.com.

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News of the Competition (04/18/2014)

Market
  • WASHINGTON (4/18/14)--The U.S. Securities and Exchange Commission has posted a nine-page document meant to give Wall Street firms a blueprint for preparing to address examiners questions about how the firms detect and prevent cyber attacks (Reuters April 16). The document suggest firms should be ready to list when they detected malware, any "denial of service" attacks they've been victim to, or if they have had a network breach since January 2013. By making its examiner questionnaire public, the SEC gives up on the element of surprise that examiners sometimes like to use. The decision instead gives SEC-registered financial firms what the article calls "a rare chance" to prepare. Cybersecurity has been a hot policy topic for a dozen or more years but has come under heightened scrutiny in the wake of recent attacks on major companies, such as Target Corp. and the Neiman Marcus Group ...
  • BENTONVILLE, Ark. (4/18/14)--Wal-Mart is launching a new service that it claims will reduce the fees consumers pay for money transfers (BusinessInsider, Reuters April 17). Called Walmart-2-Walmart and expected to launch next week, Wal-Mart said Thursday that Euronet Worldwide Inc. would run the service through its Ria Money Transfer subsidiary. BusinessInsider reported that Walmart-2-Walmart cusomters will be about to make a $50 transfer for $4.50 and a transfer of up to $900 for a $9.50 fee. The publication said that a $900 transfer could cost as much as $76 elsewhere.  After Wal-Mart broke its news, the shares of Western Union shares dropped 4%,  those of MoneyGram International Inc. were down by 15.6%, and Euronet was up 4.4%, Reuters said ...

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Consumer Rates

Market

Daily Rate Comparison

Informa Research Services, Inc.
Deposit Products Credit Unions Bank Average Difference
12 Month CD $10,000 0.44% 0.28% 0.16%
Personal Savings $1,000 0.22% 0.10% 0.12%
Personal Interest Checking $2,500 0.34% 0.15% 0.19%
NSF Fee $27.74 $30.73 $-2.99
Personal MMDA $2,500 0.17% 0.10% 0.07%
Business MMDA $2,500 0.17% 0.09% 0.08%

Consumer Loan Products Credit Unions Bank Average Difference
Unsecured Personal Loan - $5,000 - 4 Years 10.21% 10.46% -0.25%
New Auto Loan - 5 Years 2.59% 3.70% -1.11%
Used Auto Loan - 2 year Old - 4 Years 2.77% 3.96% -1.19%
HELOC - 80% LTV - $50,000 4.20% 4.41% -0.21%
HE Loan - 80% LTV - $50,000 - 15 Years 5.72% 6.08% -0.36%

Mortgage Loan Products Credit Unions Bank Average Difference
30 Year Fixed Conforming 4.30% 4.34% -0.04%
30 Year Fixed Jumbo 4.45% 4.25% 0.20%
5/1 Year ARM Conforming 2.95% 2.89% 0.06%

Credit Card Products Credit Unions Bank Average Difference
Platinum 9.07% 10.85% -1.78%
Annual Fee $21.67 $58.20 $-36.53
Maximum Late Fee $25.83 $33.38 $-7.55
Reward 9.87% 12.08% -2.21%
Annual Fee $26.71 $102.13 $-75.42
Maximum Late Fee $22.74 $32.99 $-10.25

Indirect Auto Loan Products Credit Unions Bank Average Difference
Indirect A Tier New Auto Loan - 5 Years 3.67% 3.71% -0.04%
Indirect B Tier New Auto Loan - 5 Years 5.41% 5.29% 0.12%
Indirect C Tier New Auto Loan - 5 Years 7.63% 6.67% 0.96%

Averages displayed are straight averages of all institutions within the Informa Research Services database for the selected region as of Tuesday, April 15, 2014. For detailed disclosures click here.

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Business Rates

Market
Daily Financial Rates -- 2014-04-16

Financial Rates


Wednesday, April 16, 2014

03:55 AM CDT

TREASURY YIELD CURVE
(based on the $1 million market)

TermWed
4/16
Tue
4/15
Mon
4/14
Fri
4/11
Thu
4/10
1 month0.030.030.040.030.03
3 month0.040.040.040.040.04
6 month0.050.060.060.060.05
1 year0.110.100.090.090.10
2 year0.390.370.370.370.37
3 year0.840.820.800.810.85
5 year1.631.611.581.591.65
7 year2.182.182.162.172.24
10 year2.642.652.632.652.71
20 year3.203.233.223.243.31
30 year3.463.483.483.523.57

TREASURY BILLS

Results of the April 14, 2014 auction of short-term U.S. government bills, sold at a discount from face value in units of $10,000 to $ 1 million

TermLatest
Mon, 4/14
Week Ago
Mon, 4/7
13 weeks0.0350.030
26 weeks0.0500.050

PRIME RATE

3.25% Last changed December 16, 2008

FEDERAL FUNDS

TermWed
4/16
Tue
4/15
Mon
4/14
Fri
4/11
Thu
4/10
high0.3120.3120.3120.3120.312
low0.0600.0500.0500.0500.050
near closing bid0.0500.0500.0500.0600.050
offered0.2800.0800.2800.0800.080
effective rate20.1400.1100.1100.1100.120

FREDDIE MAC (Mortgage commitments, 30 days)

TermWed
4/16
Tue
4/15
Mon
4/14
Fri
4/11
Thu
4/10
30 year0.000.000.000.000.00

FANNIE MAE (Mortgage commitments, 30 days)

TermWed
4/16
Tue
4/15
Mon
4/14
Fri
4/11
Thu
4/10
30 year3.9063.8773.8663.8983.939

LIBOR

TermWed
4/16
Tue
4/15
Mon
4/14
Fri
4/11
Thu
4/10
1 month0.151400.151700.152200.152500.15090
3 month0.226350.228650.226450.227050.22755
6 month0.320900.322700.322000.324000.32650
1 year0.545500.546500.546000.548500.55300

COMMERCIAL PAPER (Financial, 90 days)

TermWeek ended
4/15
Week ended
4/8
90 days0.230.23

NA: Data not available at time of page generation (shown at top of page)

Sources:
Wall Street Journal
U.S. Dept. of the Treasury


All rates are from the previous business day unless otherwise noted.

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