July motor vehicle sales came in at a stronger than expected 3.2% increase to a 17.6 million annual rate. Sales of North American-made vehicles rose 5.2% to a 14.2 million annual rate.
Personal income rose 0.4% in June, while consumer spending rose 0.2%. The PCE Price Index, an inflation measure, rose 0.2% overall, and 0.1% less food and energy. On a year-over-year basis, personal income rose 4.1%, consumer spending rose 3.4%, and the price index rose 0.3% overall, and 1.3% at the core.
Gallup’s US Consumer Spending Measure shows that Americans report spending an average of $91 per day in July, little changed from June’s $90.
The ISM Manufacturing Index slipped -0.8 points in July to a lower-than-expected 52.7. In contrast, the PMI Manufacturing index rose 0.2 points to 53.8.
Construction spending inched only 0.1% higher in June, mainly due to a -1.3% drop in non-residential private construction. On a year-over-year basis, Construction spending is up by 12.0%.
The University of Michigan’s Consumer Sentiment Index for July unexpectedly softened to 93.1 from the mid-month flash of 93.3.
The 2nd Quarter Employment Cost Index plummeted to 0.2%, the lowest in 33 years. Year-on-year, the ECI fell -0.6% to 2.0%, a near-historical low.
The Chicago PMI jumped back into positive territory in July, rising from 49.4 to 54.7.
The nation’s long period of below-trend economic growth extends into its sixth year. 2Q GDP was only 2.3% annualized. The GDP Price Index is also restrained once again, at 2.0% annualized.
Initial weekly jobless claims rose 12,000 to 267,000. The 4-week average fell 3,750 to 274,750. Continuing claims fell 1,000 to 2.255 million.
The Bloomberg Consumer Comfort Index fell a steep -1.9 points lower to 40.5 in the latest week.
The Fed’s balance sheet fell $-15.0 billion last week, with total assets of $4.486 trillion. Reserve bank credit fell $-4.5 billion.
The Fed reports that M2 money supply rose by $18.3 billion in the latest week.
The MBA reports that mortgage applications rose 0.8% last week, with purchases down -0.1% and refis up 2.0%.
The Pending Home Sales index unexpectedly fell a sharp -1.8% in June, to 110.3. Analysts expected a 0.4% increase.
The Fed took no interest rate action at the today’s FOMC meeting and saw no change in the pace of “moderate” economic growth.
The S&P Case-Shiller Home Price Index fell -0.2% in May, catching analysts by surprise. The Index is up 4.9% on a year-ago basis.
July’s PMI Services Flash reading is up 0.4 points from the June final, coming in at 55.2.
The Conference Board’s Consumer Confidence Index fell sharply lower in July, falling to 90.9 from 101.4 in June.
The Richmond Fed Manufacturing Index for July came in above analysts’ expectations, rising 7 points to a reading of 13.
The State Street Investor Confidence Index for July fell sharply to 114.6 from June’s unusually high reading of 127.0.
Redbook reports that last week’s retail sales continued to fall, down to 1.0% on a year-ago basis, from the previous week’s 1.2%.
Durable goods orders rose 3.4% in June, with ex-transportation orders up 0.8%. On a year over year basis, orders are down -2.8% overall, and -4.5 ex-transportation.
The Dallas Fed Manufacturing survey shows a bit less negativity in July, rising 2.4 points to -4.6.
New home sales in June plunged -6.8% to a 482,000 annual rate. Prices were also soft, at a median $281,800, down -1.8% year-on-year.
The PMI Manufacturing Index Flash for July came in at 53.8, which is very close to the final June reading of 54.0.
The Kansas City Fed Manufacturing Index continues to show deep contraction, though it rose to -7 from -9 in July.
The Conference Board’s Index of Leading Indictors rose 0.6% in June, pushed higher by a surge in Housing Permits.
The Chicago Fed National Activity Index moved back into positive territory in June, rising from -0.17 to 0.8.
Initial weekly jobless claims fell a startling 26,000 to 255,000, a 42-year low. The 4-week average fell 4,000 to 278,500. Continuing claims 9,000 to 2.207 million. Auto retooling, and temporary layoffs, always make jobless claims a very tricky number in July.
The Bloomberg Consumer Comfort Index dropped -0.8 points lower to 42.4 in the latest week.
The Fed’s balance sheet rose $11.7 billion last week, with total assets of $4.544 trillion. Reserve bank credit rose $12.0 billion.
The Fed reports that M2 money supply rose by $5.9 billion in the latest week.
The MBA reports that mortgage applications rose 0.1% last week, with purchases up 1.0% and refis down 1.0%.
The FHFA House Price Index rose 0.4% in May, with a year-over-year increase of 5.7%.
Existing home sales rose 3.2% in June, to a 5.49 million annual rate. Sales are up 9.6% over last June.