Dale Franks’ QandO posts
The week may have been depressing, but there’s some fun car stuff at the end. It’s on the Podcast Page.
I missed posting yesterday, so this post will be a bit longer than most.
The Philadelphia Fed Surveys’s big jump in June was a one-time blip, as the July index fell to 5.7 from 15.2.
The housing market index was unchanged at 60 in July, but it is still the strongest reading since November 2005.
The Treasury reports that Net Foreign Demand for Long-Term US Securities jumped $93.0 billion in May on strong foreign interest in both US Treasuries and corporate bonds.
Consumer inflation rose 0.3% in June, with the core rate—less food and energy—up 0.2%. On a year-over-year basis, inflation is up just 0.1% overall, but up 1.8% at the core.
Strong demand for apartment units drove housing starts up 9.8% in June at a 1.174 million annual rate. Building permits, an indicator of future activity, jumped 7.4% overall to a 1.343 million rate.
The University of Michigan’s Consumer Sentiment Index fell to 93.3 in July, from June’s reading of 96.1.
Initial weekly jobless claims fell 15,000 to 281,000. The 4-week average rose 3,250 to 282,500. Continuing claims fell 112,000 to 2.215 million.
The Bloomberg Consumer Comfort Index fell -0.3 points to 43.2 in the latest week.
The Fed’s balance sheet rose $12.3 billion last week, with total assets of $4.494 trillion. Reserve bank credit rose $7.0 billion.
The Fed reports that M2 money supply rose by $12.6 billion in the latest week.
The NFIB’s index of mall business optimism fell very sharply in June, down -4.2 points to 94.1 with 8 of 10 components falling.
Retail sales showed broad weakness in June, with sales falling -0.3% overall, -0.1 less autos, and -0.2% less autos and gas.
June export prices fell -0.2% while import prices fell -0.1%. On a year-over-year basis, prices fell -5.7% for exports, and -10.0% for imports.
Redbook reports that last week’s retail sales fell to 1.4% on a year-ago basis, from the previous week’s 2.0%. Today’s official retail sales numbers highlight the ongoing weakness in consumer spending, raising doubts about the strength of 2nd Quarter GDP growth.
Business inventories, rose 0.3% in May, while a sales increase of 0.4% kept the stock-to-sales ratio unchanged at 1.36.
It’s up on the podcast page. You won’t want to miss the engaging story about Dale’s testicles.
Chain stores today are reporting mostly stronger rates of year-on-year sales growth in June.
Initial weekly jobless claims rose 15,000 to 297,000. The 4-week average rose 4,750 to 279,500. Continuing claims rose 69,000 to 2.334 million.
The Bloomberg Consumer Comfort Index fell -0.5 points to 43.5 in the latest week.
The Fed’s balance sheet rose $2.2 billion last week, with total assets of $4.481 trillion. Reserve bank credit rose $1.2 billion.
The Fed reports that M2 money supply rose by $19.8 billion in the latest week.
The MBA reports that mortgage applications rose 4.6% last week, with purchases up 7.0% and refis up 3.0%.
Consumer credit rose by $16.1 billion in May, with revolving credit up a moderate $1.6 billion, following strong April and March gains.
The FOMC minutes from the last meeting indicates some members are edging towards rate hikes, but most want to see data improve.
The US trade deficit rose $1 billion in May to $41.9 billion, with a goods deficit of $61.5 billion, and a services surplus of $19.6 billion.
The Labor Department’s JOLTS survey shows job openings rose 0.5% in May to a record 5.363 million.
Redbook reports that last week’s retail sales rose to a still-sluggish 2.0% on a year-ago basis, from the previous week’s 1.7%.
The Gallup Economic Confidence Index fell for the 5th straight month, down -1 point to -8 in June, the lowest reading since November, 2014.
The ISM Non-Manufacturing Index rose 0.3 points in June to 56.0.
The Gallup US Consumer Spending Measure reports that Americans’ daily self-reports of spending fell $-1 to $90 in June.
The PMI Services Index declined by -2 points to 54.8 in June.
The Fed’s Labor Market Conditions Index fell to a subdued 0.8 in June, with May’s reading revised down to 0.9.