You read here just a few days about a report on manufacturing activity and factory output released by the New York Federal Reserve. Called the General Business Conditions Index, manufacturing activity as well as inventories rose in the state of New York to its highest level in four years. Today, therates to remain low Philadelphia Federal Reserve Bank stated the business activity index grew at a faster than anticipated pace.

The index jumped to 17.8 from the previous reading in May of 15.4. Many economists were picking a slight pullback from the 15.4 number with something closer to 14. Any number above zero indicates an expansion in the area and similar to the New York report, the Philly report covers manufacturing in the eastern parts of Pennsylvania, New Jersey and Delaware. These numbers are pulled from a story at

Two other reports came in positive as well with the monthly Leading Economic Indicators coming in 0.5 percent higher last month’s number, a number that surprised some. The Department of Labor also reported that first time unemployment claims fell to 312,000 which reflect Fed sentiment that the economy is expected to gradually add jobs.

When you combine today’s smattering of numbers with Fed comments yesterday, we can anticipate some growth just not as strong as previously expected. Yesterday the Fed commented that the GDP for the entire year of 2014 will come in closer to between 2.1 to 2.3 percent. Slow growth but growth nonetheless. The 1Q drop of -1.00 percent will be hard to make up for the remainder of the year and some are thinking the Fed Funds rate will be left alone longer than previously thought. As long as we can continue to keep inflation near the 2.00 percent target level real estate investors and home buyers across the country will benefit with lower mortgage payments if they buy within the next 12 months.