Business News

Manufacturers see some deflation

Prices at the manufacturing level fell 0.8% in January after falling 0.3% in December. Lots of that is the due to the falling price of oil.   Overall inflation is virtual non-existent in the US economy. (Bloomberg)

Mortgage rates rose to 3.93%, for a 30-year fixed rate, its highest level since the beginning of this year, and loan volume fell 13.2% last week. But total applications were still 14% above a year ago, when interest rates were considerably higher. (CNBC)

Garmin, maker of GPS-based devices, reported a 5.7% leap in quarterly revenue, helped by strong sales of its fitness products. The company's profits increased to $210.2 million in the fourth quarter. Sales rose to $803.3 million. (Reuters)

Big boy toy maker Caterpillar is being investigated by authorities regarding the movement of cash among its U.S. and overseas subsidiaries. The heavy equipment maker disclosed the probe in an SEC filing. (Reuters)

Yesterday it was talk of an electric car today it is a watch. It is reported Apple could sell as many as 20 million of its new smartwatches in the first year. Up to 6 million watches are said to have been ordered for the April launch. Looks like it might fare better than Google Glasses. (USA Today)

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