Motor vehicle sales made a big 7.9% jump in May, to an annual sales rate of 17.8 million. North American-made vehicles also jumped 7.6% to a 14.2 million rate.
Gallup’s Economic Confidence Index dropped -4 points in May to -7.
Redbook reports that last week’s retail sales growth remained weak, rising to just 1.7% on a year-ago basis, from the previous week’s 1.6%.
Factory orders fell -0.4% in April for the 8th decline in 9 months. Ex-transportation, factory orders were unchanged.
Personal income rose 0.4% in April, while personal spending—and the PCE Price Index—was unchanged. The core price index, which excludes food and energy prices, rose 0.1%. On a year-over-year basis, prices are up 0.1% overall, while the core price index is up 1.2%.
The PMI Manufacturing Index fell -0.1 points in May to 54.0.
The ISM Manufacturing index, in contrast to the PMI, rose 1.3 points to 52.8 in May.
Construction spending rose a much better-than-expected 2.2% in April, compared to March’s -0.6% decline. On a year-over-year basis, construction spending rose 4.8%.
Gallup’s self-reported Consumer Spending measure was unchanged at $91 per day in May.
The final revision of 1st Quarter 2015 GDP came in at -0.7%, while the GDP Price Index fell -0.1%.
Corporate profits in the 1st Quarter of 2015 came in at $1.894 trillion, up 2.7% from the prior quarter.
The Chicago Purchasing Manager’s Index fell sharply to 46.2 in May from 52.3.
The University of Michigan’s Consumer Sentiment Index rose from 88.6 to 90.7 in May.
Dale’s social media profiles:
The MBA reports that mortgage applications fell -1.6% last week, with purchases up 1.0% and refis down -4.0%.
Redbook reports that last week’s retail sales growth continued to fall, down to 1.6% on a year-ago basis, from the previous week’s 1.8%.
Initial weekly jobless claims rose 7,000 to 282,000. The 4-week average rose 5,000 to 271,500. Continuing claims rose 11,000 to 2.222 million.
The Bloomberg Consumer Comfort Index continues to fall, down -1.5 points to 40.9 in the latest week.
The Pending Home Sales Index jumped an unexpectedly large 3.4% to 112.4. The index is up 14.0% on a year-over-year basis.
The Fed’s balance sheet fell $-16.4 billion last week, with total assets of $4.464 trillion. Reserve bank credit fell $-5.0 billion.
The Fed reports that M2 money supply rose by $27.0 billion in the latest week.
Declining aircraft sales pushed April durable goods orders down -0.5%, but ex-transportation orders rose 0.5%.
The FHFA house price index rose a lower-than-expected 0.3% in March. The index is up 5.2% on a year-over-year basis.
In contrast to FHFA, the S&P Case-Shiller Home Price index rose 1.0% in March, but is still at a similar 5.0% year-on-year gain.
The May PMI Services Index flash from Markit fell -1.4 points from April’s final, coming in at 56.4.
New home sales bounced back strongly in April, with a 6.8% increase to a 517,000 annual rate.
The Conference Board’s consumer confidence index rose 0.2 points to 95.4 in May.
The Richmond Fed Manufacturing Index is still soft, but rose into positive territory in May, rising from -3 to 1.
The State Street Investor Confidence Index rose 6. points in May, to 120.8.
The Dallas Fed Manufacturing Survey continued to decline in May, falling -6.8 points to -20.8, while the production index fell from -4.7 to -13.5.
Existing home sales fell -3.3 % in April to a worse-than-expected 5.04 million annual rate, as weakness continues in the housing sector.
The Philadelphia Fed Business Outlook Survey fell -0.8 points in May to 6.7.
The Conference Board’s index of leading economic indicators jumped 0.7% in April, mainly on increases in building permits. Oddly, the jump in permits hasn’t yet shown up as strength in the constructions sector.
The Kansas City Fed Manufacturing Index fell -8 points in May to a deeply negative -13.
The Chicago Fed National Activity Index improved from -0.42 in March to a still-negative -0.15 in April.
May’s flash reading for the PMI manufacturing index fell -0.4 points to a 16-month low of 53.8.
Initial weekly jobless claims rose 10,000 to 274,000. The 4-week average fell 5,500 to 266,250. Continuing claims fell 12,000 to 2.211 million.
The Bloomberg Consumer Comfort Index slipped -1.1 points in the May 17 week to 42.4.
The Fed’s balance sheet fell $-20.8 billion last week, with total assets of $4.480 trillion. Reserve bank credit rose $4.0 billion.
The Fed reports that M2 money supply rose by $22.8 billion in the latest week.
The National Association of Home Builders Housing Market Index fell -2 points in May to 54.
April housing starts soared 20.2% to a much better than expected 1.135 million annual rate, while permits were 1.143 million.
Redbook reports that last week’s retail sales softened to 1.8% on a year-ago basis, from the previous week’s already-soft 2.1%.
The Empire State Manufacturing survey for May pulled out of negative territory, but only to a soft 3.09 from -1.19.
Industrial production fell for the 5th straight month in April, down -0.3%, while capacity utilization in the nation’s factory’s fell -0.2% to 78.2.
The University of Michigan’s Consumer Sentiment Index plunged from 95.9 to 88.6 in May.
E-Commerce retail sales rose 3.5% in the 1st Quarter of 2015, with year-on-year growth of 14.5%.
Foreign demand for long-term US securities rose $17.6 billion in March. China reclaimed the top spot from Japan as holders of US bonds.
Initial weekly jobless claims fell 1,000 to 264,000. The 4-week average fell 7,750 to 271,750. Continuing claims were unchanged at 2.229 million.
The Bloomberg Consumer Comfort Index fell -0.2 points to 43.5 in the latest week.
Producer Prices for Final Demand fell -0.4% in April. PPI-FD less food and energy fell -0.2%, but rose 0.1% less food, energy and trade services. Goods prices fell -0.7%, and Services prices fell -0.1%. On a year over year basis:
Less Food and Energy: 0.8%
Less Food, Energy, Trade Services: 0.7%
The Fed’s balance sheet rose $28.5 billion last week, with total assets of $4.501 trillion. Reserve bank credit rose $6.3 billion.
The Fed reports that M2 money supply rose by $27.6 billion in the latest week.