Editor’s note: Daily Report has updated this story since its original publication to correct that the move does not involve Brown & Root’s Baton Rouge team but is simply relocating Brown & Root’s operations in St. Rose to Metairie. Business Report regrets the error.
November bump: U.S. factory orders jumped 2.7% in November to $621.6 billion, far outpacing expectations and signaling stronger demand in the manufacturing sector. While shipments edged down slightly, unfilled orders continued to climb, marking sustained momentum that points to a healthier pipeline for producers at the start of the new year. Read more from The Wall Street Journal.
Up again: The average long-term U.S. mortgage rate edged up for the second week in a row, but remains just above its lowest level in more than three years. The benchmark 30-year fixed rate mortgage rate rose to 6.1% from 6.09% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 6.95%. Read more from the Associated Press.
Nominee announcement: President Donald Trump says he will announce his nominee for Federal Reserve chair next week, signaling renewed pressure on the central bank to cut interest rates. Trump says rates should be two to three percentage points lower, even as his pick could face a difficult Senate confirmation process amid ongoing scrutiny of the Fed. Read more from Bloomberg. A subscription may be required.
