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Friday, June 28, 2013 – 09:30 a.m.

Here’s some news of interest flowing across the transom late this week.

Economy not as strong as previously thought

First Quarter Gross Domestic Product (GDP), the value of goods and services produced by the U.S. economy, was revised downwards by a hefty 0.6% in the latest reading released Wednesday.

The revised rate is now a very anemic at 1.8%.

First-time jobless claims show little improvement

First-time claims for unemployment benefits fell by 9,000 to 346,000 last week. The previous week claims rose by 19,000 to 355,000.

California gas tax to rise July 1.

Yes, another tax increase for California. It seems to be the new norm these days.

The State excise tax on a gallon of gasoline will climb 3.5 cents to 39.5 cents.

Mortgage rates take steep jump

The current rate on the 30-year fixed rate mortgage jumped 0.53% to 4.46% this week.

It’s the highest the rate has been in two years.

Student loan rates set to rise

Congressional inaction in full swing!

Student loan rates are set to double on Monday, July 1.

The rate on federally-insured Stafford loans, currently at 3.4%, will climbed to 6.8%.

It’s not as if any of this money will ever actually get paid back.