Housing starts rose 4.8% in June to a 1.189 million annualized rate. Building permits rose 1.5% to a 1.153 million annual rate.
Redbook reports that last week’s retail sales growth plunged to 0.4% on a year-ago basis, from the previous week’s already-soft 0.8%.
Consumer prices rose 0.2% in June, both overall, and with prices less food and energy—the so-called core rate. On a year-over-year basis, the CPI is up 1.0% overall, and 2.3% at the core.
Retail sales rose 0.6% in June, with sales less less autos up 0.7%, and sales less autos and gas up 0.7%.
Industrial production rose 0.6% in June, while capacity utilization in the nation’s factories rose 0.5% to 75.4%.
The Empire State Manufacturing Survey fell from 6.01 to 0.55 for July.
Business inventories rose 0.2% in May, while a 0.2% sales increase kept the stock-to-sales ratio at 1.40.
The University of Michigan’s Consumer Sentiment Index fell a sharp -4.0 points to 89.5 in the preliminary July reading.
Producer Prices for Final Demand jumped 0.5% in June, with PPI-FD less food and energy up 0.4% and up 0.3% less trade services. On a year-over-year basis PPI-FD is up 0.3% overall, 1.3% less food and energy, and 0.9% less food, energy, and trader services.
Initial weekly jobless claims were unchanged at 254,000. The 4-week average fell 6,000 to 259,000. Continuing claims rose 32,000 to 2.149 million.
The Bloomberg Consumer Comfort Index rose a sharp 1.2 points to 44.7 in the latest week.
The Fed’s balance sheet rose $1.6 billion last week, with total assets of $4.472 trillion. Reserve bank credit rose $1.9 billion.
The Fed reports that M2 money supply rose by $27.0 billion in the latest week.
June import prices rose 0.2%, while export prices jumped 0.8% on petroleum price increases. On year-over-year basis, import prices have fallen -4.8% while export prices have dropped -3.5%.
The US Treasury posted a $6.3 billion surplus in June but the government’s fiscal year deficit is up 27% to $400.9 billion vs $316.4 billion this time last year.
The Fed’s Beige Book today reported that 11 of 12 Fed districts are reporting only modest to moderate economic growth.
The Atlanta Fed Business Inflation Expectations report showed 12-month inflation expectations fell -0.1% to a 1.7% annual rate.
The MBA reports that mortgage applications rose 7.2% last week, with purchases unchanged but refis up 11.0%.
The Fed’s Labor Market Conditions index improved, but couldn’t make it it into positive territory in June, rising from -4.8 to -1.9.
The Labor Department’s JOLTS survey fell sharply to 5.500 million job openings in May, down from April’s revised 5.845 million.
NFIB’s Small Business Optimism Index rose 0.7 points to 94.5 in June, the third straight monthly increase.
Wholesale trade inventories grew 0.1% in May, while a 0.5% sales increase lowered the stock-to-sales ratio from 1.36 to 1.35.
Redbook reports that last week’s retail sales growth rose to 0.8% on a year-ago basis, from the previous week’s 0.6%.
In June, a greater-than-expected 287,000 net new jobs were created as the unemployment rate rose 0.2% to 4.9%, as 414,000 entrants came into the labor force, bringing the Labor force participation rate up 0.1% to 62.7%. Average hourly earnings rose 0.1%, while the average workweek was unchanged at 34.4 hours.
Consumer credit rose a large $18.6 billion in May, but the growth was mainly in non-revolving credit, indicating relatively weak consumer spending.
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.