The Labor Market Conditions Index for July came in slightly below expectations at 1.1 vs a revised 1.4 in June.
The NFIB Small Business Optimism Index for July rose 1.3 points to a better-than-expected 95.4.
Productivity rose 1.3% in the 2nd Quarter, while growth in Unit Labor Costs was held down to 0.5%.
Redbook reports that last week’s retail sales growth rose to a still-soft 1.9% on a year-ago basis, from the previous week’s 1.7%.
Wholesale inventories rose a surprising 0.9% in June, while a weak 0.1% rise in sales left the stock-to-sales ratio at a hefty 1.30.
The Labor Department reports that a mediocre 215,000 net new jobs were created in June, with the unemployment rate unchanged at 5.3%. Also unchanged was the labor force participation rate, at 62.6%. Average hourly earnings rose 0.2%, while the average workweek increased by one tick to 34.6 hours.
Consumer credit rose a strong $20.7 billion in June, including a strong gain of $5.5 billion for revolving credit.
Chain stores reporting sales today say that July was a weak month, with lower rates of year-on-year sales growth compared to June.
A major Army troop cut made for an outsized 105,696 layoff count in July, according to Challenger.
Gallup’s US Payroll to Population Employment Rate was unchanged at 45.5% in July.
Initial weekly jobless claims rose 3,000 to 270,00. The 4-week average fell 6,50 to 268,250. Continuing claims fell 14,000 to 2.255 million.
The Bloomberg Consumer Comfort Index fell -0.2 points to 40.3 in the latest week.
The Fed’s balance sheet rose $0.9 billion last week, with total assets of $4.486 trillion. Reserve bank credit fell $-9.0 billion.
The Fed reports that M2 money supply grew by $12.1 billion in the latest week.
The MBA reports that mortgage applications rose 4.7% last week, with purchases up 3.0% and refis up 6.0%.
ADP estimates that only 185,000 net new private sector jobs were created in July.
Rising imports in June led the US trade deficit to rise to a higher-than-expected $-43.8 billion for the month.
Gallup’s US Job Creation Index remained unchanged at 32 in July.
The ISM Non-Manufacturing Index surged 4.3 points to a surprising 60.3 in July.
The PMI Services Index rose 0.9 points in July to 55.7.
Gallup’s US Economic Confidence Index for July dropped -4 points to -12, as American’s fear a worsening economy.
Redbook reports that last week’s retail sales rose to a still weak 1.7% on a year-ago basis, from the previous week’s 1.0%.
Factory Orders rose for only the second time in 11 months in June, rising 0.8%.
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%.