Redbook reports that last week’s retail sales were still soft, rising to 1.2% on a year-ago basis, from the previous week’s 1.1%.
Housing starts fell -11.1% in May, from April’s record high pace, to a still-strong 1.036 million annual rate. Building permits—an indicator of future construction activity—rose 11.8%, as well, to a 1.275 million annual rate. April’s initial result was revised even higher, up 22.1% from march to a 1.165 million rate.
The Empire State Manufacturing Survey turned slightly less negative in June, rising from -3.09 to -1.98.
The Fed reports industrial production fell -0.2% in May, while capacity utilization in the nation’s factories fell -0.1% to 78.1%.
The Housing Market Index rose from 54 to 59 in June.
Foreign Demand for Long-Term U.S. Securities jumped to $53.9 billion in April on heavy buying of government agency bonds.
Producer Prices for Final Demand rose 0.5% in May. Prices less food and energy rose 0.1%. Prices less food, energy & trade services fell -0.1%. On a year-over-year basis, PPI-FD is down -1.1%, less food & energy up 0.6%, and less food, energy, and trade services up 0.6%. Other numbers from the release:
PPI-FD Goods – M/M change: 1.3 %
PPI-FD Goods – Y/Y change: -4.3%
PPI-FD Services – M/M change: 0.0%
PPI-FD Services – Y/Y change: 0.6%
The University of Michigan’s Consumer Sentiment index rose 3.9 points to 94.6.
The MBA reports that mortgage applications rose 8.4% last week, with purchases up 10.0% and refis up 7.0%.
Information revenue rose 0.4% in the 1st Quarter. Year-on-year, information revenue rose 3.0%.
The Treasury reports an $-82.4 billion deficit for may, with tax receipts up 12.4% and spending up 4.0%. The deficit is running 16.3% below last fiscal year, at $365.2 billion vice $436.4 billion this time last year.
Redbook reports that last week’s retail sales continued to disappoint, down to 1.2% on a year-ago basis, from the previous week’s 1.7%.
The NFIB’s small business optimism index came in well above expectations, at 98.3 for a very solid 1.4 point gain in May.
Wholesale inventories rose 0.4% in April but far below a giant 1.6% surge in sales. The stock-to-sales ratio edged down to 1.29 from 1.30.
The Labor Department’s JOLTS Report shows April job openings at 5.376 million, the highest reading in the history of the series since 2000.
The Employment Situation in May perked up, with 280,000 net new jobs created, though unemployment rate rose 0.1% to 5.5%. The labor force participation rate rose to 62.9%, with 397,000 entrants to the labor force, of which 208,000 were re-entrants. Average hourly earnings rose 0.3%, while the average workweek remained steady at 34.5 hours.
Consumer credit rose by $20.5 billion in April, helped by an $8.6 billion increase in revolving credit.
Chain stores are reporting no better than mixed results for May, offering no clear signal for the May retail sales report.
The layoff count in the Challenger Job Cut Report fell to 41,034 in May, vice 61,582 in April.
Productivity in the 1st Quarter of 2015 dropped -3.1%, while unit labor costs jumped 6.7%.
Gallup’s U.S. Payroll to Population employment rate fell -0.6% to 44.5% in May, identical to the rate measured in May 2014.
Initial weekly jobless claims fell 8,000 to 276,000. The 4-week average rose 3,250 to 274,250. Continuing claims fell 30,000 to 2.196 million.
The Bloomberg Consumer Comfort Index fell -0.4 points to 40.5 in the latest week.
The Fed’s balance sheet rose $1.4 billion last week, with total assets of $4.465 trillion. Reserve bank credit fell $-11.3 billion.
The Fed reports that M2 money supply rose by $19.2 billion in the latest week.
The MBA reports that mortgage applications fell -7.6% last week, with purchases down -3.0% and refis down -12%.
ADP estimates that private payrolls rose a moderate 201,000 in May. We’ll see how true that is in Friday’s Employment Situation.
Rising imports lowered the April trade deficit to $-40.9 billion from $-51.4 billion in March.
Gallup’s U.S. Job Creation Index reached a new high of 32 in May, up from 31 in April.
Markit’s PMI Services Index fell from 57.4 in April to 56.2 in May.
The ISM non-manufacturing index for May, at 55.7, came in at the low end of Econoday expectations, falling -2.1 points.
The Fed’s Beige Book downgrades the strength of the economy today, with four of the Fed’s twelve districts reporting slowing growth.