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THE ECONOMY.(TO THE POINT)

Investor's Business Daily

| August 01, 2003 | COPYRIGHT 2003 Investor's Business Daily, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

30-yr mortgage rates above 6%

The average 30-year fixed-rate mortgage this week jumped 20 basis points to 6.14%, its highest level since early Dec, Freddie Mac said. The 15-year fixed-rate rose 17 points to 5.44%, also close to an eight-month high. The one-year adjustable rate inched up 1 point to 3.68%, the highest since early May.

Q2 employment costs rise 0.9%

The rise in the Labor Dept.'s employment cost index was slower than Q1's 1.3% increase. From a year ago, employment costs were up 3.7%. Wages and salaries rose 0.6% from Q1 and 2.7% from a year ago. Benefits costs rose 1.4% from Q1 and 6.3% from a year ago, thanks to higher health insurance costs.

** The Conference Board's gauge of newspaper help-wanted advertising volume in June rose to 38 from 35 in May, which was a 41-year low. The index stood at 47 a year ago.

** A Georgia law that cracks down on abusive lending is not binding on national banks, the Comptroller of the Currency said.

** OPEC members elected not to cut current output quotas, despite concern a revival of Iraqi exports will erode prices. Crude oil traded down 12 ...

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