In weekly retail sales, Redbook reports a 4.1% increase from the previous year. ICSC-Goldman reports a weekly sales increase of 0.1%, and a 4.5% increase on a year-over-year basis.
The government’s retail sales figures for June show a 0.2% sales increase, with sales less autos, and less autos and gas both up 0.4%.
The New York Fed’s Empire State manufacturing index rose from 19.28 to 25.60 for July.
Business inventories rose 0.5% in May, while a 0.4% rise in business sales leaves the stock-to-sales ratio unchanged at 1.29.
The MBA reports that mortgage applications fell -3.6% last week, with purchases dowm -8.0% and refinancings down -0.1%.
Producer prices rose a sharp 0.4% in June, but less food and energy rose only 0.2%. On a year-over-year basis, the PPI rose 1.9% at the headline level, and 1.7% less food and energy.
The Treasury reported that net foreign demand for US securities rose $19.4 billion in May.
The Fed reported that industrial production rose 0.2% in June, while capacity utilization in the nation’s factories was unchanged at 79.1%.
The Atlanta Fed’s Business Inflation Expectations survey for July shows an expected inflation rate of 1.9% for the next year.
The National Association of Home Builders’ Housing Market Index rose 4 points to 53 in July.
In today’s Beige Book report from the Fed, us economic growth was said to be Modest to Moderate.
Chain stores reporting June sales today note generally modest rates of sales growth, with no changes to earnings guidance.
Initial jobless claims fell 11,000 last week to 304,000. The 4-week moving average fell 3,500 to 311,500. Continuing claims rose 10,000 to 2.584 million.
The Bloomberg Consumer Comfort Index rose 1.2 points to 37.6.
Wholesale inventories rose 0.5% in May, against a 0.7% sales increase, leaving the stock-to-sales ratio unchanged at a lean 1.18.
The Fed’s balance sheet rose $6.4 billion last week, with total assets of $4.383 trillion. Reserve Bank credit increased $6.0 billion.
The Fed reports that M2 Money Supply fell by $-3.9 billion last week.
Gallup’s self-reported Consumer Spending measure for June fell $-7 to $91.
The NFIB Small Business Optimism Index fell -2.0 points to 95.0 in June.
In weekly retail sales, ICSC-Goldman reports a 1.7% increase from last week, but down 1.3% to a year-on-year rate of 3.3%. Redbook, however, reports a big 6.0% year-over-year sales increase.
Consumer credit rose $19.6 billion in May, with revolving credit up $1.8 billion. Strong credit card use is a big plus for retailers.
The MBA reports that mortgage applications rose 1.9% last week, with purchases up 4.0% and refinancings up 0.4%.
A net 288,000 new jobs were created in June, and the unemployment rate fell to 6.1%. Average weekly earnings rose 0.2%, but weekly hours were unchanged at 34.5 hours. Underlying fundamentals aren’t great, however. In June, 2013, 89.7 million people were out of the labor force. In June, 2014, it was 92.1 million. In the same time period, the civilian non-institutional population rose from 245.6 million to 247.8 million, or 2.2 million. So, 2.2 million were added to the working age population, while 2.4 million fewer were in the labor force. In other words, Job growth is still less than population growth, hence the 62.8% labor forces participation rate Since October, 2013, labor force participation has hovered at levels not seen since 1978, as the unemployment rate has “declined”.
The trade deficit in May shrank to a better-than-expected $-44.4 billion, down from $-47.0 billion in April.
The Bloomberg Consumer Comfort Index fell -0.7 points to 36.4 in the latest week.
The ISM Non-Manufacturing Index fell -0.3 points to 56.0.
The US Services Purchasing Managers’ Index rose 1.9 points to 61.0 in June.
JP Morgan reports the global Composite PMI rose 1.1 points to 55.4, while the Services PMI rose 1.2 points to 55.8.
Weekly initial jobless claims rose 3,000 to 315,000. The 4-week average rose 750 to 315,000. Continuing claims rose 10,000 to 2.579 million.
The Fed’s balance sheet rose $8.7 billion last week, with total assets of $4.377 trillion. Total reserve bank credit fell by $-1.6 billion.
The Fed reports that M2 money supply rose $43.5 billion in the latest week.
The Challenger Job-Cut Report estimates there were 31,434 layoffs in June, down from 52,961 in May.
Motor vehicle sales rose 1.2% in June to a 17.0 million annual rate. That’s the strongest rate since July 2006.
ICSC-Goldman reports retail sales rose 1.0%, while the rear-over-year rate rose to 4.6% in the latest week. Conversely, Redbook says year-over-year retail sales growth fell to 3.1% in the latest week.
The Markit PMI manufacturing index rose 0.3 points to 57.3 in June.
The ISM Manufacturing index fell 0.1 point to 55.3 in June.
Construction Spending rose a less-than-expected 0.1% in May. Spending rose 6.6% on a year-ago basis.
The J.P. Morgan Global Manufacturing PMI rose 0.5 points to 52.7 in June.
The Gallup Economic Confidence Index fell -1 point to -15 in June.
The MBA reports that mortgage application fell 0.2% in the latest week, with purchases down -1.0%, but re-fis up 0.1%.
The ADP national employment report estimates that a strong increase of 281,000 private payroll jobs were created in June.
Gallup’s Job Creation Index is unchanged at 27 in June.
Gallup’s Payroll to Population employment rate rose 0.5% to 45.0% in June.
Factory orders fell 0.5% in May, but nondefense orders rose 0.2%. A 0.7% rise in nondefense capital goods excluding aircraft is a positive.
Personal income rose 0.4% in May, while personal spending rose 0.2%. The May PCE Price index rose 0.2% at both the headline and core level. On a year-over-year basis, the PCE Price index is up and up 1.5% less food and energy.
The Kansas City Fed manufacturing index fell from 10 in May to 6 in June.
Weekly initial jobless claims fell 2,000 to 312,000. The 4-week average rose 3,000 to 314,250. Continuing claims rose 12,000 to 2.571 million.
The Bloomberg Consumer Comfort Index is unchanged at 37.1 in the latest week.
The Fed’s balance sheet rose $0.2 billion last week, with total assets of $4.368 trillion. Total reserve bank credit rose by $9.7 billion.
The Fed reports that M2 money supply rose $4.3 billion in the latest week.
The State Street Investor Confidence Index was unchanged at 119.5 in June.
The Richmond Fed manufacturing index slowed to 3 in June versus 7 in May.
The Conference Board’s consumer confidence index rose to 85.2 in June–a recovery high–from a revised 82.2 in May.
The Richmond Fed manufacturing index slowed to 3 in June versus 7 in May.
New home sales in May jumped 18.6% to a far-better-than-expected 504,000 annual rate.
The S&P/Case-Shiller 20-city home price index rose 0.2% in April. The index was 10.8% higher on a year-over-year basis. The FHFA purchase only house price index was unchanged in April, but up 5.95 on a year-over-year basis.
In weekly retail sales, Redbook reports a 3.3% increase from the previous year. ICSC-Goldman reports a weekly sales increase of 2.0%, and a 4.1% increase on a year-over-year basis.
The Commerce Department’s final GDP revision for the 1st Quarter of 2014 was a shockingly negative -2.9% annualized decline. The GDP Price index, however, rose 1.3%, annualized.
Durable goods orders fell -1.0% in May, well below expectations. Less transportation, orders fell -0.1%.
The MBA reports that mortgage applications fell 1.0% last week, with purchases and refinancings both down 1.0%.
Existing home sales jumped 4.9 percent in May, to a 4.9 million annual rate. Sales are still down -5.0% from a year ago, however.
The Chicago Fed National Activity Index rose to 0.21 in May from April’s -0.32, boosted by a jump in production.
The Markit PMI manufacturing index flash for June rose 1.3 points to 57.5.