Personal income rose a sharp 0.5% in May, while consumer spending rose 0.9%. The PCE Price Index rose 0.3%, overall and 0.1% at the core. On a year-over-year basis, the PCE Price Index is up just 0.2%, while the core rate is 1.2%.
The PMI services index is down sharply in June’s flash reading, falling to 54.8, vice 56.5 in the final May reading.
The Kansas City Fed Manufacturing Index rose in June, but still remains in negative territory at -9, compared to May’s -13.
Initial weekly jobless claims rose 3,000 to 271,000. The 4-week average fell 3,250 to 273,750. Continuing claims rose 22,000 to 2.247 million.
The Bloomberg Consumer Comfort Index rose 1.7 points to 42.6 in the latest week.
The Fed’s balance sheet rose $7.2 billion last week, with total assets of $4.495 trillion. Reserve bank credit rose $8.5 billion.
The Fed reports that M2 money supply rose by $29.5 billion in the latest week.
The final revision to 1st Quarter GDP was to a -0.2% annualized decline, while the GDP Price index was revised to 0.0%.
Corporate profits in the 1st Quarter were revised down slightly to $1.891 trillion, up a year-on-year 9.0% from the initial report of 9.2%.
The MBA reports that mortgage applications rose 1.6% last week, with purchases up 1.0% and refis up 2.0%.
The Richmond Fed Manufacturing Index moved further into positive territory in June, rising 5 points to a reading of 6.
Led by a -49% drop in aircraft orders, May durable goods orders fell once again by -1.8% overall. April’s number was revised down to -1.5%. Ex-Transportation orders rose 0.5%.
Redbook reports that last week’s retail sales remain soft, rising to 1.6% on a year-ago basis, from the previous week’s 1.1%.
The FHFA House Price Index rose 0.3% in April, with a year-on-year increase of 5.3%.
The PMI Manufacturing Index Flash fell -0.4 points in June, to 53.4.
New Home Sales continued April’s big gain, up 2.2% in May to a 546,000 annual rate. April’s gain was revised upwards to 8.1% to a 534,000 annual rate.
The Consumer Price Index rose 0.4% in May, while the CPI less food & energy rose 0.1%. On a year-over-year basis, the CPI is unchanged at the headline level, while the core CPI is up 1.7%.
The nation’s current account deficit for the 1st Quarter came in at the low end of expectations, at $-113.3 billion.
The Philadelphia Fed Business Outlook Survey jumped above expectations, rising 7.5 points to 15.2 in May.
The Conference Board reports that the index of leading economic indicators rose 0.7% in May.
Initial weekly jobless claims fell 12,000 to 267,000. The 4-week average fell 2,000 to 276,750. Continuing claims fell 50,000 to 2.222 million.
The Bloomberg Consumer Comfort Index rose 0.8 points to 40.9 in the latest week.
The Fed’s balance sheet rose $19.8 billion last week, with total assets of $4.487 trillion. Reserve bank credit rose $23.1 billion.
The Fed reports that M2 money supply fell by $9.3 billion in the latest week.
Redbook reports that last week’s retail sales were still soft, rising to 1.2% on a year-ago basis, from the previous week’s 1.1%.
Housing starts fell -11.1% in May, from April’s record high pace, to a still-strong 1.036 million annual rate. Building permits—an indicator of future construction activity—rose 11.8%, as well, to a 1.275 million annual rate. April’s initial result was revised even higher, up 22.1% from march to a 1.165 million rate.
The Empire State Manufacturing Survey turned slightly less negative in June, rising from -3.09 to -1.98.
The Fed reports industrial production fell -0.2% in May, while capacity utilization in the nation’s factories fell -0.1% to 78.1%.
The Housing Market Index rose from 54 to 59 in June.
Foreign Demand for Long-Term U.S. Securities jumped to $53.9 billion in April on heavy buying of government agency bonds.
Producer Prices for Final Demand rose 0.5% in May. Prices less food and energy rose 0.1%. Prices less food, energy & trade services fell -0.1%. On a year-over-year basis, PPI-FD is down -1.1%, less food & energy up 0.6%, and less food, energy, and trade services up 0.6%. Other numbers from the release:
PPI-FD Goods – M/M change: 1.3 %
PPI-FD Goods – Y/Y change: -4.3%
PPI-FD Services – M/M change: 0.0%
PPI-FD Services – Y/Y change: 0.6%
The University of Michigan’s Consumer Sentiment index rose 3.9 points to 94.6.