Chain stores reported mixed sales results for June, sparking uncertainty about the government’s retail sales report.
Challenger reports that layoff announcements totaled 38,536 in June, up from 30,157 in May.
ADP’s Employment Report indicates that 172,000 new private sector jobs were created in June.
Gallup’s Good Jobs Rate for June rose 0.5% to 46.0%.
Initial weekly jobless claims fell 16,000 to 254,000. The 4-week average fell 2,000 to 264,750. Continuing claims fell 44,000 to 2.124 million.
The Bloomberg Consumer Comfort Index fell -0.4 points to 43.5 in the latest week.
The Fed’s balance sheet rose $4.1 billion last week, with total assets of $4.471 trillion. Reserve bank credit fell $-6.3 billion.
The Fed reports that M2 money supply rose by $31.7 billion in the latest week.
The nation’s trade deficit widened sharply in May, to $41.1 billion from April’s $37.4 billion.
The PMI Services Index was little changed in June, up 0.1 points to 51.4, while the ISM Non-Manufacturing Index jumped from 52.9 to 56.5.
Gallup’s U.S. Job Creation Index was unchanged at 33 in June.
Redbook reports that last week’s retail sales growth rose to a weak 0.6% on a year-ago basis, from the previous week’s 0.5%.
The MBA reports that a sharp drop in mortgage rates drove mortgage applications up 14.2% last week, with purchases up 4.0% and refis up 21.0%.
Factory orders fell -1.0% in May, with capital goods orders declining -0.4%, indicating a lack of business confidence.
Gallup’s Self-Reported US Daily Spending Measure fell from $93 to $88 in May.
Gallup’s US Economic Confidence Index remained unchanged in June at -14.
June motor vehicle sales fell a very sharp -4.6% to a 16.7 million annual rate. North American-made vehicle sales fell -3.7% to a 13.2 million annual rate.
The June PMI Manufacturing Index rose 0.6 points to 51.3, while the ISM Manufacturing Index rose a stronger 1.9 points to 53.2.
Construction spending fell unexpectedly in May, down -0.8%. Year-on-year spending is up 4.5%. April’s Construction spending was revised sharply downward to -2.0%.
The volatile Chicago Purchasing Manager’s Index jumped from 49.3 to 56.8 in June.
Initial weekly jobless claims rose 10,000 to 268,000. The 4-week average is unchanged at 266,750. Continuing claims fell 20,000 to 2.120 million.
The Bloomberg Consumer Comfort Index fell -0.3 points to 43.9 in the latest week.
The Fed’s balance sheet fell $-15.5 billion last week, with total assets of $4.467 trillion. Reserve bank credit fell $-2.2 billion.
The Fed reports that M2 money supply rose by $18.1 billion in the latest week.
Personal income rose 0.2% in May, while consumer spending rose 0.4%. The PCE Price index also rose 0.2% at both the core and headline rate. On a year-over-year basis, the PCE price index is up 0.9%, and up 1.6% for prices less food and energy.
The Pending Home Sales Index slumped -3.7% in May to 110.8.
The MBA reports that mortgage applications fell -2.6% last week, with purchases down -3.0% and refis down -2.0%.
The final estimate for 1st Quarter GDP was for a 1.1% annualized growth rate. The GDP Price index rose 0.4%.
The final estimate for corporate profits indicates that profits fell to a -2.3% year-on-year rate in the 1st Quarter.
The S&P/Case-Shiller home price index rose 0.5% in April, with a year-on-year increase of 5.4%.
The Conference Board’s consumer confidence index jumped 5.8 points to 98.0, the highest reading since October 2015.
The Richmond Fed Manufacturing Index weakened from -1 to -7 in June.
Redbook reports that last week’s retail sales growth fell to 0.5% on a year-ago basis, from the previous week’s 0.9%.
The gap in the nation’s international trade in goods rose to $-60.6 billion in May, as exports fell -2.0% and imports rose 1.9%.
The Dallas Fed Manufacturing Survey for June rose to -7.0 from -13.1 in May.
The PMI Services Flash for June rose just 0.1 point to 51.3.
New home sales fell -6.0% in May to a 551,000 annual rate.
The Chicago Fed National Activity Index fell to -0.51 in May, from the previous month’s 0.10. The 3-month moving average fell to -0.36.
The PMI Manufacturing Index Flash rose from 50.5 to 51.4 in June.
The Conference Board’s index of leading economic indicators fell -0.2% in May.
The Kansas City Fed Manufacturing Index rose from -5 to 2 in June.
Initial weekly jobless claims fell 18,000 to 259,000. The 4-week average fell 2,250 to 267,000. Continuing claims fell 20,000 to 2.142 million.
The Bloomberg Consumer Comfort Index rose 2.1 points to 44.2 in the latest week.
The Fed’s balance sheet rose $9.2 billion last week, with total assets of $4.482 trillion. Reserve bank credit rose $6.6 billion.
The Fed reports that M2 money supply rose by $40.4 billion in the latest week.
A slow week for economic data begins with Redbook’s weekly retail sales report, which shows year-on-year, same-store sales up slightly better, but still weak at 0.9%, compared to last week’s 0.7%.
Existing home sales rose 1.8% in May, to a 5.530 million annual rate. Sales are up 4.5% on a year-over-year basis.
The FHFA House Price Index rose a smaller than expected 0.2% in April, though the idea is up 5.9% from a year ago.
The MBA reports that mortgage applications rose 2.9% last week, with purchases down -2.0%, but refis up 7.0%.