Free Markets, Free People

Economy

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Economic Statistics for 25 Aug 15

Redbook reports that last week’s retail sales remained weak, but rose to 1.7% on a year-ago basis, from the previous week’s 1.6%.

The FHFA House Price Index rose 0.2% in June. On a year-over-year basis, the index is up 5.6%.

In contrast to the FHFA, the S&P/Case-Shiller home price index fell -0.1% in June, and is up 5.0% on a year-over-year basis.

The PMI Services Flash for August is unchanged from the final July number, at 55.2.

New home sales had a solid rise in June, up 5.4% to a 507,000 annual pace, bringing the surging year-over-year rate to 26%.

The Conference Board’s consumer confidence index took a huge, 10.6-point jump in August to 101.5, as assessment of the labor market improved.

The Richmond Fed Manufacturing Index plunged -13 points to a disappointing reading of 0, well below expectations.

The State Street Investor Confidence Index eased to 108.7 in August from 114.6 in July.


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Economic Statistics for 20 Aug 15

The MBA reports that mortgage applications rose 3.6% last week, with purchases down -1.0% but refis up 7.0%.

Consumer prices rose 0.1% in July, with the core CPI up 0.1% as well. On a year-over-year basis, the CPI is up 0.2% overall, and 1.8% at the core.

The Philadelphia Fed Survey rose from 5.7 to 8.3 in August, indicating the huge plunge in Tuesday’s Empire State survey was a fluke.

Existing home sales rose 2.0% in July to a greater-than-expected 5.59 million annual rate. Sales are up 10.3% from last July.

The Conference Board’s index of leading economic indicators fell 0.2% in July.

Initial weekly jobless claims rose 3,000 to 277,000. The 4-week average rose 5,250 to 271,500. Continuing claims fell 24,000 to 2.254 million.

The Bloomberg Consumer Comfort Index rose 0.4 points to 41.1 in the latest week.

The Fed’s balance sheet fell $-2.0 billion last week, with total assets of $4.487 trillion. Reserve bank credit rose $10.5 billion.

The Fed reports that M2 money supply rose by $26.5 billion in the latest week.


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Economic Statistics for 14 & 17 Aug 15

A hectic schedule prevented me from posting Friday’s economic data, so here it is, along with the releases from today.

14 Aug 15

Producer Prices for Final Demand rose 0.2% in July, with PPI-FD less food and energy rising 0.3%. On a year-over-year basis, PPI-FD is down -0.8 at the headline level, but up 0.6% at the core. The remaining set of data for PPI-FD are below:

PPI-FD less food, energy & trade services – M/M change: 0.2%
PPI-FD less food, energy & trade services – Y/Y change: 0.9%
PPI-FD Goods – M/M change: -0.1%
PPI-FD Goods – Y/Y change: -3.7%
PPI-FD Services – M/M change: 0.4%
PPI-FD Services – Y/Y change: 0.6%

The Fed reports that industrial production rose by 0.6% in July, while capacity utilization in the nation’s factories rose 0.3% to 78.0%. The prime factor in the month’s jump was a 10.6% surge in motor vehicle production.

The University of Michigan’s Consumer Sentiment Index index fell -0.2 points to 92.9 in August.

17 Aug 15

The Empire State Manufacturing Survey plunged deeply into negative territory for August, falling from 3.86 to -14.92. This is the weakest reding for this indicator since 2009.

The NAHB’s Housing Market Index rose 1 point to 61 in August, as new homes are becoming a source of strength for the economy.

E-Commerce retail sales in the 2nd Quarter of 2015 rose a strong 4.2%, with a year-on-year gain of 14.1%.

A strong dollar was a plus for foreign investment in Jun, as net foreign demand for US securities rose $10.1 billion to $103.1 billion.


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Economic Statistics for 13 Aug 15

Retail sales rose 0.6% in July, with sales less autos and sales less autos and gas both up 0.4%. May and June sales were revised upwards as well.

July export prices fell -0.2%, while import prices fell -0.9%. Year over year, export prices are down -6.1% and import prices are down -10.4%.

Business inventories rose 0.8% in June, well ahead of a 0.2% rise in sales. The mismatch lifts the inventory-to-sales ratio to 1.37 from 1.36.

Initial weekly jobless claims rose 4,000 to 274,000. The 4-week average fell 1,750 to 266,250. Continuing claims rose 15,000 to 2.273 million.

The Bloomberg Consumer Comfort Index rose 0.4 points to 40.7 in the latest week.

The Fed’s balance sheet rose $2.9 billion last week, with total assets of $4.489 trillion. Reserve bank credit rose $2.5 billion.

The Fed reports that M2 money supply rose by $1.8 billion in the latest week.


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Economic Statistics for 12 Aug 15

The MBA reports that mortgage applications rose 0.1% last week, with purchases down -4.0% and refis up 3.0%.

The Atlanta Fed Business Inflation Expectations Index fell -0.2%, with businesses now expecting annual inflation of 1.8%.

The Labor Department’s JOLTS report shows that job openings fell to 5.249 million in June from 5.357 million in May. 

The Treasury reports that July’s budget deficit totaled $149.2 billion. The Fiscal Year to date deficit stands at $428.0 billion vs $460.5 billion a year ago.


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Economic Statistics for 11 Aug 15

The Labor Market Conditions Index for July came in slightly below expectations at 1.1 vs a revised 1.4 in June. 

The NFIB Small Business Optimism Index for July rose 1.3 points to a better-than-expected 95.4.

Productivity rose 1.3% in the 2nd Quarter, while growth in Unit Labor Costs was held down to 0.5%.

Redbook reports that last week’s retail sales growth rose to a still-soft 1.9% on a year-ago basis, from the previous week’s 1.7%.

Wholesale inventories rose a surprising 0.9% in June, while a weak 0.1% rise in sales left the stock-to-sales ratio at a hefty 1.30.


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Economic Statistics for 7 Aug 15

The Labor Department reports that a mediocre 215,000 net new jobs were created in June, with the unemployment rate unchanged at 5.3%. Also unchanged was the labor force participation rate, at 62.6%. Average hourly earnings rose 0.2%, while the average workweek increased by one tick to 34.6 hours.

Consumer credit rose a strong $20.7 billion in June, including a strong gain of $5.5 billion for revolving credit.


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