The Commerce Department’s initial GDP estimate for 2Q 2014 came in at a 4.0% annualized rate of growth. The GDP price index rose at an annualized 2.0%. The Commerce Department says the high growth in the quarter is a rebound from the weather-related GDP declines in 1Q.
The Federal Open Markets Committee met today, and left interest rates unchanged, with a Fed Funds target rate of 0.0%-0.25%.
ADP’s estimate for private payroll growth in July is 218,000 jobs. Econoday’s analyst consensus is a bit higher at 235,000.
The MBA reports that mortgage applications fell -2.2% last week. Purchases rose 0.2% but re-fis fell -4.0%.
ICSC-Goldman reports weekly retail sales up 0.2%, and were up 4.6% on a year-over-year basis. Redbook reports a 3.0% rise in retail sales over last year.
The S&P/Case-Shiller 20-city home price index continued to fall in May, down -0.3% for the month. On a year-over-year basis, the index is up 9.3%, however.
The Conference Board’s consumer confidence index is moving steadily to new recovery highs, to 90.9 in July.
The State Street Investor Confidence Index fell to 114.7 in July from a revised 119.3 in June.
The PMI Services flash reading for July fell -0.2 points to 61.0.
The National Association of Realtors’ Pending Home sales index fell -1.1% to 102.7 in June.
The Dallas Fed general business activity index in its Texas manufacturing survey rose 1.3 points in July to 12.7.
The Bloomberg Consumer Comfort Index rose 0.1 points to 37.6 in the latest week.
Weekly initial jobless claims fell a surprising 19,000 to 284,000. The 4-week average fell 7,000 to 302,000. Continuing claims fell 8,000 to 2.500 million.
The PMI Manufacturing Index Flash fell from 57.6 to 56.3 in July.
June new home sales fell very sharply to a 406,000 annual rate from May’s 504,000. Prices fell 3.2% to a median price of $273,500.
The Kansas City Fed manufacturing index rose to 9 in July from 6 in June.
The Fed’s balance sheet rose $12.5 billion last week, with total assets of $4.411 trillion. Total reserve bank credit rose $14.7 billion.
The Fed reports that M2 money supply fell $-12.4 billion in the latest week.
In weekly retail sales, Redbook reports a 3.7% increase from the previous year. ICSC-Goldman reports a weekly sales decline of -0.4%, and a slow 2.8% increase on a year-over-year basis.
The Consumer Price Index rose 0.3% in June, but only 0.1% less food and energy. On a year-over-year basis, the CPI is up 2.1% overall, and 1.9% less food and energy.
The FHFA House Price Index rose 0.4% in May, and is up 5.5% on a year-over-year basis.
Existing home sales rose a sharp 2.4% in June, to a 5.04 Million annual rate.
The Richmond Fed manufacturing index rose from 3 to 7 in June.
Housing starts fell a sharp -9.3% in June, following May’s -7.3%, to a 0.893 million annual rate.
The general business conditions index of the Philadelphia Fed’s Business Outlook Survey jumped 6.1 points to 23.9 in July, which is the highest since March 2011.
Initial jobless claims fell 3,000 last week, to 302,000. The 4-week moving average fell 2,500 to 309,000. Continuing claims fell 79,000 to a recovery low of 2.507 million.
The Bloomberg Consumer Comfort Index fell 0.1 points to 37.5 in the latest week..
The Fed’s balance sheet rose $14.8 billion last week, with total assets of $4.398 trillion. Reserve Bank credit increased $12.3 billion.
The Fed reports that M2 Money Supply decreased by $-12.4 billion last week.
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.