Questions and Observations

Here are today’s statistics on the state of the economy:

Personal income and spending both rose 0.2% in March. The PCE price index fell by-0.1% at the headline level and was unchanged at the core. On a year-over-year basis, income rose 2.5% while spending rose 3.5%. The PCE price index rose 1.0%, while the core rate rose 1.1%.

The Pending Home Sales Index rose 1.5% in March to 105.7, the highest reading this year.

The Dallas Fed Manufacturing Survey collapsed from 7.4 in march to -15.6 in April. The production component slipped from 9.9 to -0.5. The series of negative Fed manufacturing reports continues.

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Dale Franks
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Here are today’s statistics on the state of the economy:

The Reuter’s/University of Michigan’s consumer sentiment index rose to 76.4 from the mid-month reading of 72.3.

GDP growth in the 1st Quarter was a worse than expected 2.5% annualized. The GDP Price Index rose to an annual 1.2% rate. Essentially, GDP growth is still below trend, which should surprise no one.

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Dale Franks
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Here are today’s statistics on the state of the economy:

Initial Jobless claims fell 16,000 to 339,000 this week, while the 4-week average fell 3,725 to 357,500. Continuing claims fell 93,000 to 3.0 million.

The Bloomberg Consumer Comfort Index fell -0.7 to -29.9 last week, still one of the highest levels in 4 years.

The Kansas City Fed Manufacturing Index remained at -5 in April, as activity in the district continued to slow.

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Dale Franks
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Here are today’s statistics on the state of the economy:

Durable Goods Orders were disappointing in March, down -5.7% overall, and down -1.4% ex-transportation.

The MBA reports mortgage applications rose 0.2% last week, with purchases and re-fis both up 0.3%.

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Dale Franks
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The following US economic statistics were announced today:

In weekly retail sales, Redbook reports a  soft 1.8% increase from the previous year. ICSC-Goldman reports a weekly sales increase of 0.8%, and a weak 1.9% increase on a year-over-year basis.

The PMI Manufacturing Index Flash for April fell nearly 3 points to 53.0.

The FHFA House Price Index rose 0.7% in March, and is up 7.1% on a year-over-year basis.

New home sales for March were weaker than expected, with a 1.5% increase to a 417,000 annual rate.

The Richmond Fed Manufacturing Index fell a steep 9 points to -3 in April.

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Dale Franks
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Here are today’s statistics on the state of the economy:

Existing home sales fell 0.6% in march to a worse-than-expected 4.92 million annual rate.

The Chicago Fed National Activity Index fell to -0.23 for March, while the 3-month average fell to -0.01.

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Dale Franks
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Here are today’s statistics on the state of the economy:

Initial jobless claims rose 4,000 to 352,000, and the 4-week average rose 3,250 to 361,250. Continuing claims  fell 35,000 to 3.068 million.

The Bloomberg Consumer Comfort Index rose to -29.2, the highest level in 5 years.

The Philadelphia Fed Survey fell -0.7 points to 1.3.

The Conference Board’s index of leading economic indicators came in at minus 0.1% in March.

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Dale Franks
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Here are today’s statistics on the state of the economy:

The MBA reports mortgage applications rose 4.8% last week, with purchases up 4.0% and re-fis up 5.0%.

The Fed’s Beige Book reports that "overall economic activity expanded at a moderate pace from February to April.

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Dale Franks
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Here are today’s statistics on the state of the economy:

The Fed reports that industrial production rose 0.4% in March, while capacity utilization at the nation’s factories rose slightly to 78.5%.

Housing starts were unexpectedly strong in March, up 7.0% to a 1.036million annual rate, however, all the strength was in multi-family units. Building permits fell -3.9% to a 0.902 million annual rate, well below expectations.

The Consumer Price index fell -0.2%, while the core rate, ex-food and -energy, rose 0.1%. On a year-over-year basis the CPI is up 1.5% and the core CPI is up 1.9%.

In weekly retail sales, Redbook’s year-on-year sales growth rate fell to 2.0%, while ICSC-Goldman sales fell -1.1% this week, and are up only 2.0% year-on-year.

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Dale Franks
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Here are today’s statistics on the state of the economy:

The Housing Market Index fell 2 points in April to a worse-than-expected 42, the lowest since October.

The Empire State Mfg Survey shows an abruptly slowing rate of monthly growth in the district, falling over 6 points to 3.05.

Net foreign demand for long-term U.S. securities fell into negative territory, with a net outflow of -17.8 billion.

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Dale Franks
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