Dale Franks’ QandO posts
Personal Income rose 0.2% in July, while consumer spending fell -0.1%. The PCE price index rose 0.1% at both the headline and core levels. On a year-over-year basis, personal income is up 4.3%, while personal spending is up 3.6%. The PCE Price index is up 1.6% at the headline level, and 1.5% at the core.
The Chicago Purchasing Manager’s Index jumped from 52.6 to 64.3 in July.
The Reuter’s/University of Michigan’s consumer sentiment index for August rose 3.3 points to 82.5.
This week’s podcast is up on the podcast page.
The Commerce Department’s second estimate of First Quarter 2014 GDP came in at 4.2%, annualized. This is stronger than expected and stronger than the initial 4.0% estimate. The GDP Price Index rose at a 2.1% annualized rate.
Corporate profits in the Second Quarter of 2014 came in at $1.840 trillion, following $1.735 trillion for the First Quarter.
The pending home sales index for existing home sales rose a strong 3.3% in July to 105.9, up from 102.7 in June.
The Kansas City Fed manufacturing index slipped from 9 in July to 3 August.
Weekly initial jobless claims fell 1,000 to 298,000. The 4-week average fell 1,250 to 299,750. Continuing claims rose 25,000 to 2.53 million.
The Bloomberg Consumer Comfort Index rose 0.7 points to 37.3 in the latest week.
The Fed’s balance sheet rose $0.8 billion last week, with total assets of $4.414 trillion. Total reserve bank credit rose by $2.5 billion.
The Fed reports that M2 money supply rose $32.0 billion in the latest week.
Durable Goods orders for July soared by 22.6%, Sadly, it was all due to aircraft orders. Ex-transportation, orders fell -0.8%. On a year-over-year basis, orders were up 33.8% overall, but only 6.6% excluding transportation orders.
The FHFA purchase only house price index rose a respectable 0.4% in June, but the year-on-year rate slowed by -0.4% to 5.1%.
The S&P/Case-Shiller home price index fell -0.2% in June, though it was up 8.1% on a year-over-year basis.
The Conference Board’s consumer confidence index for August once again rose above expectations, up 1.5 points to 92.4.
The Richmond Fed manufacturing index rose 5 points to 12 in August, as manufacturing strengthened in the mid-Atlantic district.
The State Street Investor Confidence Index rose a very sharp 7.0 points in August to a very strong 122.8.
ICSC-Goldman reports weekly retail sales rose 0.6%, and were up 4.2% on a year-over-year basis. Redbook reports a 4.0% rise in retail sales over last year.
The Chicago Fed National Activity Index, a gauge of overall economic activity and inflationary pressure, rose 0.27 points to 0.39 in August.
The PMI Services Flash for August fell -1.5 points to 58.5.
New home sales rose for July rose less than expected, coming in at an annualized rate of 412,000.
The Dallas Fed general business activity index fell from 12.7 in July to 7.1 in August.