Economic Statistics for 16 Jul 12
The following statistics were released today on the state of the US economy:
Retail sales declined for the third month in a row, falling a greater-than-expected -0.5% in June. Less autos, sales fell -0.4%; less gas and autos, sales fell -0.2%. Retail sales on a year-ago basis were up 3.8%.
In another unwelcome sign for the economy, Business inventories in May rose 0.3%, while sales fell 0.1% for the second month in a row. This raised the stock-to-sales ratio to 1.27. That’s the highest level since May 2011.
The Empire State Mfg Survey rose more than 5 points to 7.39, but new orders, an indication of future activity, fell to -2.69. Unfilled orders are also contracting, at a very steep -13.58.