Consumer spending continues to rise nationwide, fueled by jobs growth and a rosier outlook for the U.S. economy. Unfortunately for mortgage rate shoppers, it may also lead to higher mortgage rates later this week.
The American Consumer is alive and well, it seems. Retail Sales are up 14 months in a row.
Retail Sales rose for the 11th straight month in May. Excluding cars and auto parts, sales receipts climbed to $322 billion last month. It's an all-time high and another example of the U.S. economy's resiliency.
Mortgage rates are easing lower this morning on just-released, slightly worse-than-expected Retail Sales data from December 2010.
Down economies reduce consumer spending, creating a bind for retailers. [...]