Free Markets, Free People

Economic Statistics for 21 Aug 14

The PMI Manufacturing Index Flash for August rose 1.7 points to 58.0.

The Philadelphia Fed Survey for August rose a sharp 4.1 points to 28.0, a rise not supported by the report’s underlying indices. Both new orders and shipments slowed by half, while unfilled orders are shrinking and delivery times are improving. All of these are symptomatic of slowing activity. The headline number is not a a composite of components but is based on a single subjective question in the survey. This month, at least, the answer to that question seems at variance with the other indices in the report.

Existing home sales rose 2.4% to an annualized rate of 5.15 million units in July.

Initial jobless claims fell 14,000 last week, to 298,000. The 4-week moving average rose 5,000 to 300,750. Continuing claims fell 49,000 to 2.500 million.

The Bloomberg Consumer Comfort Index fell -0.2 points to 36.6 in the latest week.

The Fed’s balance sheet fell $-19.0 billion last week, with total assets of $4.412 trillion. Reserve Bank credit fell $-3.7 billion.

The Fed reports that M2 Money Supply fell by $-8.7 billion last week.


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