The NFIB’s index of mall business optimism fell very sharply in June, down -4.2 points to 94.1 with 8 of 10 components falling.
Retail sales showed broad weakness in June, with sales falling -0.3% overall, -0.1 less autos, and -0.2% less autos and gas.
June export prices fell -0.2% while import prices fell -0.1%. On a year-over-year basis, prices fell -5.7% for exports, and -10.0% for imports.
Redbook reports that last week’s retail sales fell to 1.4% on a year-ago basis, from the previous week’s 2.0%. Today’s official retail sales numbers highlight the ongoing weakness in consumer spending, raising doubts about the strength of 2nd Quarter GDP growth.
Business inventories, rose 0.3% in May, while a sales increase of 0.4% kept the stock-to-sales ratio unchanged at 1.36.
Chain stores today are reporting mostly stronger rates of year-on-year sales growth in June.
Initial weekly jobless claims rose 15,000 to 297,000. The 4-week average rose 4,750 to 279,500. Continuing claims rose 69,000 to 2.334 million.
The Bloomberg Consumer Comfort Index fell -0.5 points to 43.5 in the latest week.
The Fed’s balance sheet rose $2.2 billion last week, with total assets of $4.481 trillion. Reserve bank credit rose $1.2 billion.
The Fed reports that M2 money supply rose by $19.8 billion in the latest week.
The MBA reports that mortgage applications rose 4.6% last week, with purchases up 7.0% and refis up 3.0%.
Consumer credit rose by $16.1 billion in May, with revolving credit up a moderate $1.6 billion, following strong April and March gains.
The FOMC minutes from the last meeting indicates some members are edging towards rate hikes, but most want to see data improve.
The US trade deficit rose $1 billion in May to $41.9 billion, with a goods deficit of $61.5 billion, and a services surplus of $19.6 billion.
The Labor Department’s JOLTS survey shows job openings rose 0.5% in May to a record 5.363 million.
Redbook reports that last week’s retail sales rose to a still-sluggish 2.0% on a year-ago basis, from the previous week’s 1.7%.
The Gallup Economic Confidence Index fell for the 5th straight month, down -1 point to -8 in June, the lowest reading since November, 2014.
The ISM Non-Manufacturing Index rose 0.3 points in June to 56.0.
The Gallup US Consumer Spending Measure reports that Americans’ daily self-reports of spending fell $-1 to $90 in June.
The PMI Services Index declined by -2 points to 54.8 in June.
The Fed’s Labor Market Conditions Index fell to a subdued 0.8 in June, with May’s reading revised down to 0.9.
The June Employment Situation was weaker than expected, with 223,000 net new jobs created. The unemployment rate fell sharply to 5.3%, mainly due to 432,000 people leaving the labor force. The household survey also indicates an overall decline in employment, with 56,000 fewer employed than in May. The labor force participation rate fell sharply by -0.3% to 62.6%, the lowest since October of 1977. Average hourly earnings were unchanged, as was the average work week, at 34.5 hours. the previous two months of job growth were also revised down by -60,000 new jobs.
Factory orders continued to fall in May, declining by -1.0%, far worse than expectations, which were for an already weak -0.3%.
Initial weekly jobless claims rose 10,000 to 281,000. The 4-week average rose 1,000 to 274,750. Continuing claims rose 15,000 to 2.264 million.
The Bloomberg Consumer Comfort Index rose 1.4 points to 44.0 in the latest week.
The Fed’s balance sheet fell $-15.9 billion last week, with total assets of $4.479 trillion. Reserve bank credit fell $19.3 billion.
The Fed reports that M2 money supply rose by $40.9 billion in the latest week.
Motor vehicle sales weakened in June, dropping -3.4% from May, but were still strong at a 17.2 million annual rate.
Challenger reports that Layoff announcements rose to 44,842 in June from 41,034 in May, well up from an unusually low 31,434 in June 2014.
ADP estimates that private payrolls rose a larger-than-expected 237,000 in June, against analysts’ expectations for 220,000.
Construction spending rose a solid 0.8% in May, well above the the analysts’ expectations of a 0.5% gain.
The PMI Manufacturing Index fell -0.4 points to 53.6 in June, indicating some slowing economic growth.
The ISM manufacturing composite index for June showed some acceleration in manufacturing, rising 0.7 points to 53.5.
Gallup’s U.S. Job Creation Index remained high in June, unchanged from the May reading at 32.
Gallup’s Payroll to Population Rate rose 1.0% to 45.5% in June, the highest rate since 2012.
The MBA reports that mortgage applications fell -4.7% last week, with purchases down -4.0% and refis down -5.0%.
Redbook reports that last week’s retail sales weakened to 1.6% on a year-ago basis, from the previous week’s already-weak 1.7%.
The S&P Case-Shiller home price index rose 0.3% in April, with a 4.9% year-over-year increase.
Chicago’s PMI sample remains surprisingly depressed, at a June index of 49.4, the 4th contractionary reading (sub-50) of the last 5 months.
The Conference Board’s June Consumer Confidence Index Jumped 6 points to 101.4.
The State Street Investor Confidence Index 6.2 points to 127.0 in June, mainly on confidence from US investors.