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America In Focus: March home sales drop, unemployment claims fall, wholesale prices surge

In the past week, many Americans were keeping a closer eye than ever before on the economy, inflation and how those issues and others will potentially impact their daily lives. Concerns range from rising grocery and gas prices to escalating housing costs and corporate layoffs.

Here’s a snapshot of some of the latest economic data and what it potentially means for you.

US home sales drop in March to slowest pace in 9 months

Sales of previously occupied U.S. homes fell in March to their slowest pace in nine months, as easing mortgage rates failed to motivate home shoppers during what’s traditionally been the busiest time of the year for the housing market.

Existing home sales fell 3.6% last month from February to a seasonally adjusted annual rate of 3.98 million units, the National Association of Realtors said Monday.

“Lower consumer confidence and softer job growth continue to hold back buyers,” Lawrence Yun, NAR’s chief economist, said in a statement.

US jobless claims fell last week as layoffs remain low

U.S. applications for unemployment benefits fell last week, remaining in the range of the past few years even as the war in Iran continues to threaten the global economy.

The number of Americans applying for jobless aid for the week ending April 11 fell by 11,000 to 207,000 from the previous week’s 218,000, the Labor Department reported Thursday. That’s less than the 217,000 new applications analysts surveyed by the data firm FactSet were expecting but within the range of the past several years.

Filings for unemployment benefits are considered representative of U.S. layoffs and are close to a real-time indicator of the health of the job market.

March wholesale prices surged as Iran war drove up energy costs

U.S. wholesale prices surged last month as the Iran war drove up the cost of energy.

The Labor Department reported Tuesday that its producer price index — which measures inflation before it hits consumers — rose 0.5% from February and 4% from a year earlier. The year-over-year gains was the biggest in more than three years. Energy prices surged 8.5% from February.

Food prices fell by 0.3% in March after surging by 2.4% in the previous month.

Average US long-term mortgage rate eases in second weekly drop

The average long-term U.S. mortgage rate declined again this week, easing borrowing costs for prospective homebuyers during what is typically the housing market’s busiest time of the year.

The benchmark 30-year fixed rate mortgage rate dropped to 6.3% from 6.37% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 6.83%.

The average rate is now at its lowest level since March 19, when it was 6.22%.

How can I illustrate our financial position to a spouse who shows little interest?

Reader question: My spouse has little interest in our financial position. As we age, this concerns me. I try to share some basic information (income, spending, account balances, debt, and so on) each month but rarely get a response. I think graphs or charts might be of more interest to her than a bunch of numbers. What recommendations would you have for illustrating our financial position so that I am not the only person aware of how we are situated? Thanks! Answer: Your situation is pretty common. Most couples I know develop a division of labor over time, where one person is in charge of financial matters and the other person is less involved. That’s definitely the case for my husband and me. He’s in charge of paying all the monthly bills and preparing our tax returns, but the financial planning and investment decisions are up to me. This type of arrangement might work well for a long time, but can become less sustainable with age, particularly if the “finance person” in the relationship dies or develops a major health issue. Online tools and mind maps Illustrating your financial situation with charts and graphs is a great idea that might help your spouse become a little more involved. Morningstar’s  Portfolio X-Ray  tool includes a variety of images that help illustrate your financial situation. Websites for most major brokerage firms also include some visual tools. Schwab, for example, offers a Portfolio Checkup and a bar graph illustrating your account’s monthly income from dividends and interest income. Vanguard has a Portfolio Watch tool and a variety of performance illustrations, tools, and calculators.
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