Free Markets, Free People

Economy


Economic Statistics for 28 Mar 14

Personal income and spending both rose 0.2% in February, while the PCE price index rose 0.1%, at both the headline and core level. On a year-over-year basis, personal income is up 3.1% while personal spending is up 3.1%. The PCE price index is up 0.9% at the headline level and 1.1% at the core.

The University of Michigan’s Consumer Sentiment index rose 0.1 points to 80.0 in March.


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Economic Statistics for 27 Mar 14

The Commerce Department’s final GDP revision for the 4th Quarter shows a below-trend annualized rate of 2.6% GDP growth.

Weekly initial jobless claims fell 10,000 to 311,000. The 4-week average fell 9,250 to 317,750. Continuing claims fell 53,000 to 2.823 million.

Corporate profits in the 4th Quarter of 2013 were $1.905 trillion, compared to $1.869 trillion in the 3rd Quarter. On a year-over-year basis, corporate profits are up 6.0%.

The Bloomberg Consumer Comfort Index fell -2.5 points to -31.5 in the latest week.

The National Association of Realtors’ Pending Home Sales Index fell -0.8% to 93.9 in February.

The Kansas City Fed manufacturing index rose to 10 in March, versus 4 in February.

The Fed’s balance sheet rose by $4.9 billion last week, with total assets of $4.890 trillion. Total reserve bank credit rose by $13.2 billion.

The Fed reports that M2 money supply rose $12.2 billion in the latest week.


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Economic Statistics for 26 Mar 14

The MBA reports Mortgage applications fell -3.5% last week. Purchases were up 3.0% but re-fis fell 08.0%.

Durable goods orders rose an ostensibly strong 2.2% in February, but were only up 0.2% less transportation orders. On a year-over-year basis, Orders are up 0.2% overall, and up 1.5% less transportation orders.

The Purchasing Managers’ Index (PMI) US Services Flash for March rose from 52.7 to 55.5.


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Economic Statistics for 25 Mar 14

The FHFA House Price Index rose 0.5% in January, and is up 7.4% over the previous year.

The S&P/Case-Shiller home price index was up 0.8% in January. On a year-over-year basis, the index is up 13.2%.

New home sales fell from January’s 468k annualized sales rate to a 440k rate in February, as higher prices held down sales.

The Conference Board’s consumer confidence index in March rose a very sharp 4.2 points to 82.3.

The Richmond Fed manufacturing index continued to decline in March, down a point to -7.

The State Street Investor Confidence Index was unchanged in March at 123.0.


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Economic Statistics for 20 Mar 14

Initial jobless claims rose 5,000 to 320,000. The 4-week average fell 3,500 to 327,000. Continuing claims rose 41,000 to 2.889 million.

The Bloomberg Consumer Comfort Index fell -1.4 points to -29.0 in the latest week.

The general business conditions index of the Philadelphia Fed’s Business Outlook Survey rose from -6.3 to 9.0 in March.

Existing home sales fell -0.4% in February to a 4.6 million annual rate. On a year-over-year basis, sales are down -7.1%.

The Conference Board’s index of leading indicators rose a solid 0.5% in February.

The Fed’s balance sheet rose $40.7 billion last week, with total assets of $4.222 trillion. Reserve Bank credit increased $39.1 billion.

The Fed reports that M2 money supply rose by $23.7 billion in the latest week.


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Economic Statistics for 19 Mar 14

The MBA reports that mortgage applications fell -1.2% last week, with purchases and re-fis both down -1.0%.

Strong exports narrowed the nation’s current account deficit to $81.1 billion in the 4th quarter of 2013, down from a revised $96.4 billion in the 3rd quarter.

The Federal Open markets Committee announced that interest rate policy will remain unchanged, with the Federal Funds Rate target at 0% to 0.25%. The FOMC released their projections for US GDP Growth: 2014: 2.8 to 3.0 %; 2015: 3.0 to 3.2 %; 2016: 2.5 to 3.0 %; longer run: 2.2 to 2.2 %.


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Economic Statistics for 18 Mar 14

In weekly retail sales, Redbook reports a soft 2.8% increase from the previous year. ICSC-Goldman reports a weekly sales increase of 0.7%, and a 1.5% increase on a year-over-year basis.

Consumer Prices rose 0.1% in February at both the headline and core level. On a year-over-year basis, consumer prices are up 1.1% overall and 1.6% less food and energy.

February housing starts dropped 0.2% to a 0.907 million annual rate, but building permits rose 7.7% to a 1.018 million annual rate.

The Treasury Department reports that net inflow of long-term securities totaled $7.3 billion in January vice a revised $-49.5 billion in December.


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Economic Statistics for 17 Mar 14

The National Association of Home Builders’ Housing Market Index rose 1 point to a lower-than-expected 47 in March.

The New York Fed’s Empire State Manufacturing Survey rose to to 5.61 in March from 4.48 in February.

The Fed reports that Industrial Production rose an unexpectedly strong 0.6% in March. Capacity Utilization in the nation’s factories rose 0.3% to 78.8%.


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