Sunday, June 23, 2013 – 07:00 p.m.
Here’s some news of interest flowing across the transom this weekend.
California unemployment rate drops
The official unemployment rate for California has dropped again.
The new rate is now at 8.6%. The lowest since the before the start of the Great Recession.
A main driver of the rate drop is the number of people dropping off benefit rolls. The rate does not reflect the climbing ranks of part-time employees.
U.S. Inflation rate remains at low levels
The U.S. Consumer Price Index (CPI) remained at w very low level in the latest reading released last week.
The current adjusted inflation rate measurement for the month of May is at 1.36%. The reading reading was 1.06%.
Yes, I know. Actual prices really do climb more than the rate.
Mortgage rates climb
The newest reading on 30-year mortgage rates isn’t too good.
In less than a month the average rate has climbed from near 3.50% to this weekend’s rate of 4.38%. Last week the rate was 4.02%.
While historically low, the rate increase will have an impact on home purchase borrowing. However, there’s a good chance the rate may ease back down somewhat.
But that’s all dependent on weak economic news.
California officials get a pay raise
That’s right! California Governor Jerry Brown, and the state’s other elected officials, including members of the legislature, will all get a 5% pay raise.
It’s all courtesy of the Citizen’s Compensation Commission.
I guess we can forget about all the states’ debt, a smoke and mirrors budget, and massive unfunded liabilities.
I can hear the new campaign pitch from Brown, when those temporary tax increases all expire.