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

The Ceridian-UCLA Pulse of Commerce Index rose 0.8% in May to 94.92.

First quarter productivity—like GDP—was revised downwards to a -0.9% decline, while unit labor costs rose 1.3%.

The MBA reports mortgage applications are weak, with the composite index up 1.3%. Purchase apps are down -1.8%, while refis rose 2%.

UPDATE: This afternoon’s Beige Book from the Fed says overall economic activity has expanded at a "moderate" pace, led by manufacturing expansion in most Districts.

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Dale Franks
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