Key Index Is Up, Jobless Claims Rise

A key gauge of U.S. economic activity edged up last month but a more recent measure of new claims for unemployment benefits ticked higher, suggesting an economy struggling to make its way out of recession.

The Conference Board reported its index of leading economic indicators inched up 0.1% last month to 112.3 after holding steady in February. Analysts had forecast a 0.3% gain.

Meanwhile, new claims for jobless benefits edged up by a seasonally adjusted 1,000 to 445,000 for the work week ending April 13, the Labor Department reported. The four-week moving average of new claims, which smooths out week-to-week fluctuations, also rose last week to 448,750, the highest level since mid-November.

Separately, the average interest rate on 30-year fixed-rate mortgages fell to 6.94% this week, down from 6.99% the previous week, Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, slipped to 6.42%, down from 6.49% the week before. A year ago, 15-year mortgages averaged 6.66%.