Free Markets, Free People

Economic Statistics for 22 May 12

The following statistics were released today on the state of the US economy:

Existing home sales improved in April, but not as much as expected, coming in at a 4.62 million annual rate. Sales were up 3.4%, but that was to be expected after a terrible March report. Sales were up 10% compared to last year.

The Richmond Fed Manufacturing Index shows regional growth slowing sharply for the month, falling to 4 from 14.

In weekly retail sales, ICSC-Goldman reports a-1.7% drop in store sales from last week, with the year on year rate down to 3.8%. Similarly, Redbook reports year on year same-store sales up only 2.7% down a full percentage point from last week.

Dale Franks
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3 Responses to Economic Statistics for 22 May 12

  • MarketWatch rewrites history …

    WASHINGTON (MarketWatch)

    But it didn’t happen. Although there was a big stimulus bill under Obama, federal spending is rising at the slowest pace since Dwight Eisenhower brought the Korean War to an end in the 1950s.

    Even hapless Herbert Hoover managed to increase spending more than Obama has.

    Here are the facts, according to the official government statistics:

    • In the 2009 fiscal year — the last of George W. Bush’s presidency — federal spending rose by 17.9% from $2.98 trillion to $3.52 trillion. Check the official numbers at the Office of Management and Budget.

    Except the FY 2009 budget wasn’t Bush’s, the Congress held it up with continuing resolution until Obama was sworen in