Free Markets, Free People

Economic Statistics for 26 Jun 12

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

Consumer confidence fell 2.4 points in June to 62.0, the lowest reading of the year. Consumers are pessimistic about business conditions over the next 6 months, as well as about job availability and their incomes.

The S&P Case-Shiller home price index rose by 0.7% for June, on a seasonally adjusted basis. On a year-over-year basis, prices are still down -1.9%.

The State Street Investor Confidence Index rose 7.0 points to 93.5. Readings below 100 indicate a demand for safety.

The Richmond Fed Manufacturing Index fell to -3 in June from readings of 4 in May and 14 in April, indicating a steady decline in manufacturing.

In retail sales, Redbook’s same-store sales index shows only 2.3% year-on-year growth in the June 23 week. Meanwhile, ICSC-Goldman Store Sales rose by a sharp 2.0% for the week, but year-on-year growth fell to 2.7%, the lowest rate in 3 months.

Dale Franks
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2 Responses to Economic Statistics for 26 Jun 12

  • How Obama lost Canada

    What’s more, by engaging in protectionism, Washington has violated the substance and spirit of the North American Free Trade Agreement, the trade bloc formed in 1994 among Canada, the United States, and Mexico. As a result, NAFTA, which was initially intended as a template for broader trade expansion by all three partners, has languished while each country has negotiated a spaghetti bowl of bilateral trade agreements with other countries. Trilateral economic summits among the NAFTA partners have become little more than photo-ops accompanied by bland communiqués. Bilateral meetings between U.S. and Canadian leaders, which were a regular feature of the Bill Clinton and George W. Bush eras, have also mostly fallen by the wayside. Meanwhile, the United States demanded upfront concessions from Canada as the price of entry to negotiations over the Trans-Pacific Partnership, a regional free-trade group, while preserving massive agriculture subsidies of its own. The protracted wrangling over a seat at the table does not augur well for meaningful progress.