Free Markets, Free People

Economic Statistics for 4 Jun 14

The MBA reports that mortgage applications fell -3.1% last week. Purchases fell -4.0% and re-fis fell -3.0%.

ADP’s estimate for private payroll growth for May is  a weak 179,000.

In contrast to ADP’s weak jobs estimate, Gallup’s Job Creation Index for May was 27, a 6-year high.

The U.S. international trade deficit rose to a much higher than expected $-47.2 billion in April.

The Commerce department revised 1Q 2014 productivity down sharply, to a -3.2% annualized decline. Unit labor costs, meanwhile, rose a sharp 5.7%.

The US Services Purchasing Managers’ Index rose 3.1 points to 58.1 in May.

The ISM Non-Manufacturing Index rose 1.1 points to 56.3 in May.

JP Morgan Global Composite PMI rose 1.5 points to 54.3 in May, while the Global Services PMI rose 1.9 points to 54.6.

The Fed’s Beige Book characterized current economic activity as modest to moderate, but noted ongoing labor market improvement.

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