This week: consumer credit snapshot, unemployment claims, mortgage rates

A look at some of the key business events and economic indicators upcoming this week:

Credit check

The Federal Reserve issues its latest snapshot of consumer borrowing on Wednesday.

The tally is expected to show consumer borrowing rose by $9.1 billion in June, easing from the $11.4 billion jump in May. Total consumer debt has risen to more than $5 trillion. Consumer debt is being closely watched amid the persistent squeeze from inflation.

Consumer credit, monthly change, seasonally adjusted, billions of dollars:

Jan. 12.8

Feb. 11.6

March -1.2

April 6.5

May 11.4

June (est.) 9.1

Source: FactSet.

Unemployment monitor

The Labor Department releases its weekly tally of unemployment benefits claims on Thursday.

The number of Americans filing for unemployment benefits jumped to its highest level in a year during the last week in July, even as the labor market remains surprisingly healthy. Weekly unemployment claims are considered a proxy for layoffs and a sign of where the job market is headed.

Initial jobless benefit claims, weekly, seasonally adjusted:

June 21: 234,000

June 28: 239,000

July 5: 223,000

July 12: 245,000

July 19: 235,000

July 26: 249,000

Source: FactSet.

Mortgage rate update

Mortgage buyer Freddie Mac on Thursday delivers its weekly snapshot of home loan rates.

The average rate on a 30-year mortgage capped off July by falling to its lowest level since early February. The average rate on a 30-year mortgage has recently been more than double what it was just three years ago. The elevated mortgage rates have discouraged home buyers, extending the nation’s housing slump into its third year.

30-year fixed-rate mortgage, percentage

June 27: 6.86

July 3: 6.95

July 11: 6.89

July 18: 6.77

July 25: 6.78

Aug. 1: 6.73

Source: Freddie Mac.