Free Markets, Free People

Economic Statistics for 1 Aug 14

In July, 209,000 net new jobs were created as the unemployment rate rose 0.1% to 6.2%.  Weekly earnings were unchanged, as were weekly hours at 34.5. The labor force participation rate increased 0.1% to 62.9%. The real rate of unemployment, assuming a historical average labor force participation rate of 66.2%, is 10.86%, down more than -2% since the 12.03% rate of October 2013.

Both personal income and spending rose 0.4% in June, while the PCE price index rose 0.2%. The core PCE price index rose 0.1%. On a year-over-year basis, the PCE price index is up 1.6% at the headline level and 1.5% at the core.

The Markit PMI manufacturing flash index for July slowed by -1.5 points to 55.8.

The July global manufacturing PMI edged down to a reading of 52.5 from the revised June reading of 52.6.

The July ISM Manufacturing Index rose 1.8 points to 57.1.

The Reuter’s/University of Michigan’s consumer sentiment index for July rose 0.5 points to 81.8.

Construction spending unexpectedly fell  -1.8% in June. On a year-over-year basis, spending is up 5.5%.

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