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

Initial claims for unemployment were 387,000 last week. The 4-week moving average rose 3,500 to 386,250. The prior week’s claims were revised upwards 3,000 to 389,000.

Existing home sales fell 1.5% in May to a 4.55 million annual rate, but were up 7.9% on a year-over-year basis.

The Philadelphia Fed’s Business Outlook Survey for June dropped to -16.6 from -5.8 in May, as business activity declined for the second straight month in the mid-Atlantic region, and declined more steeply.

The PMI manufacturing flash index for June fell 1 point to 53.9, a level over 50 to indicate monthly growth but below May to indicate a slower rate of growth.

The Bloomberg Consumer Comfort Index fell to -37.9 in the latest week. All three components of the index declined.

The FHFA purchase only house price index rose 0.8% in April, following a revised 1.6% in March.  The year-on-year rate rose 3.0%.

The Conference Board’s index of leading indicators in April rose 0.3% in May, following a 0.1% rise in April. The biggest negative components were the factory workweek and stock prices, while the positives were building permits and the spread between short and long interest rates, a spread made favorable by the Fed’s near zero rate policy.

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Dale Franks
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