Free Markets, Free People

Dale Franks

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Economic Statistics for 21 Jul 16

Existing home sales rose 1.1% in June, to a solid 5.570 million annual rate. Sales are up 3.0% on a year-over-year basis.

The Conference Board’s Index of leading Economic Indicators rose 0.3% in June.

The Philadelphia Fed Business Outlook Survey fell from 4.7 to -2.9 in July.

The Chicago Fed National Activity Index rose from -0.51 to 0.16 in June.

The FHFA House Price Index rose 0.2% in May. The index is up 5.6% on a year-ago basis.

Initial weekly jobless claims fell 1,000 to 253,000. The 4-week average fell 1,250 to 257,750. Continuing claims fell 25,000 to 2.128 million.

The Bloomberg Consumer Comfort Index fell -1.8 points to 42.9 in the latest week.

The Fed’s balance sheet rose $8.8 billion last week, with total assets of $4.480 trillion. Reserve bank credit rose $7.7 billion.

The Fed reports that M2 money supply rose by $25.0 billion in the latest week.


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Observations: The QandO Podcast for 15 Jul 15

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There’s a coup in Turkey, and we don’t know how it’ll turn out…but probably badly. Another terrorist attack occurred in Nice, France. Also, Driving While Black is a real thing, but some people just need to be shot by cops. Oh, and we should distribute income better.

 This week’s podcast is up on the Podcast page.

Economic Statistics for 15 Jul 16

Consumer prices rose 0.2% in June, both overall, and with prices less food and energy—the so-called core rate. On a year-over-year basis, the CPI is up 1.0% overall, and 2.3% at the core.

Retail sales rose 0.6% in June, with sales less less autos up 0.7%, and sales less autos and gas up 0.7%.

Industrial production rose 0.6% in June, while capacity utilization in the nation’s factories rose 0.5% to 75.4%.

The Empire State Manufacturing Survey fell from 6.01 to 0.55 for July.

Business inventories rose 0.2% in May, while a 0.2% sales increase kept the stock-to-sales ratio at 1.40.

The University of Michigan’s Consumer Sentiment Index fell a sharp -4.0 points to 89.5 in the preliminary July reading.


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Economic Statistics for 14 Jul 16

Producer Prices for Final Demand jumped 0.5% in June, with PPI-FD less food and energy up 0.4% and up 0.3% less trade services. On a year-over-year basis PPI-FD is up 0.3% overall, 1.3% less food and energy, and 0.9% less food, energy, and trader services.

Initial weekly jobless claims were unchanged at 254,000. The 4-week average fell 6,000 to 259,000. Continuing claims rose 32,000 to 2.149 million.

The Bloomberg Consumer Comfort Index rose a sharp 1.2 points to 44.7 in the latest week.

The Fed’s balance sheet rose $1.6 billion last week, with total assets of $4.472 trillion. Reserve bank credit rose $1.9 billion.

The Fed reports that M2 money supply rose by $27.0 billion in the latest week.


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Economic Statistics for 13 Jul 16

June import prices rose 0.2%, while export prices jumped 0.8% on petroleum price increases. On year-over-year basis, import prices have fallen -4.8% while export prices have dropped -3.5%.

The US Treasury posted a $6.3 billion surplus in June but the government’s fiscal year deficit is up 27% to $400.9 billion vs $316.4 billion this time last year.

The Fed’s Beige Book today reported that 11 of 12 Fed districts are reporting only modest to moderate economic growth. 

The Atlanta Fed Business Inflation Expectations report showed 12-month inflation expectations fell -0.1% to a 1.7% annual rate.

The MBA reports that mortgage applications rose 7.2% last week, with purchases unchanged but refis up 11.0%.


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Economic Statistics for 12 Jul 16

The Fed’s Labor Market Conditions index improved, but couldn’t make it it into positive territory in June, rising from -4.8 to -1.9.

The Labor Department’s JOLTS survey fell sharply to 5.500 million job openings in May, down from April’s revised 5.845 million.

NFIB’s Small Business Optimism Index rose 0.7 points to 94.5 in June, the third straight monthly increase.

Wholesale trade inventories grew 0.1% in May, while a 0.5% sales increase lowered the stock-to-sales ratio from 1.36 to 1.35. 

Redbook reports that last week’s retail sales growth rose to 0.8% on a year-ago basis, from the previous week’s 0.6%.


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