The final revision to 2nd Quarter GDP was increased to a 4.6% annualized growth rate. The GDP Price Index was unchanged at 2.1%.
After-tax profits for the 2nd Quarter were revised upwards slightly to 4.6%.
The Reuters/University of Michigan’s consumer sentiment index for September was unchanged at 84.6.
Durable goods orders fell a sharp -18.2% in August, but ex-transportation orders rose a healthy 0.7%. On a year-over-year basis, new orders rose 8.9% overall, while ex-transportation orders rose 7.3%.
The Kansas City Fed Manufacturing Index rose 3 points to 6 in September.
The PMI Services Flash for September was unchanged at 58.5.
Initial weekly jobless claims rose 12,000 to 293,000. The 4-week average fell 1,000 to 298,500. Continuing claims rose 7,000 to 2.439 million.
The Bloomberg Consumer Comfort Index fell -1.8 points to 35.5 in the latest week, which is a 4-month low.
The Fed’s balance sheet rose $9.5 billion last week, with total assets of $4.459 trillion. Reserve bank credit rose $10.1 billion.
The Fed reports that M2 money supply rose by $7.4 billion in the latest week.
The MBA reports that mortgage applications fell -4.1% last week, with purchases down -0.3% and refis down -7.0%.
New home sales for August rose 18.0% to a far better-than-expected 504,000 annual rate. This report is frequently volatile, though, and other housing data has been fairly negative recently.
ICSC-Goldman reports weekly retail sales rose 0.1%, and rose 4.1% on a year-over-year basis. Redbook reports retail sales rose 3.7% on a year-ago basis.
The FHFA House Price Index rose a slight 0.1% in July. On a year-over-year basis, the index is up 4.4%.
The Markit PMI manufacturing index flash for September is unchanged from the August final reading of 57.9.
The Richmond Fed Manufacturing Index rose 2 point to 14 in September.
The Chicago Fed National Activity Index fell to -0.21 in August versus 0.39 in July.
Existing home sales fell a disappointing -1.8% in August to a lower-than-expected annual rate of 5.05 million. On a year-over-year basis, existing home sales are down -5.3%. Nearly all of the recent housing data has been negative, showing a lot of weakness in the housing sector.
The Conference Board’s index of leading indicators rose 0.2% in August, following a strong, revised 1.1% in July.
The Atlanta Fed’s Business Inflation Expectations survey reports that businesses expect 2.1% annual inflation over the next year.
Housing starts for August fell a disappointing 14.4% to an annualized 0.956 million units, but this comes off a very strong July reading.
Initial weekly jobless claims fell 36,000 to 280,000. The 4-week average fell 4,750 to 299,500. Continuing claims fell 63,000 to 2.429 million.
The Bloomberg Consumer Comfort Index rose 0.7 points to 37.2 in the latest week.
The general business conditions index of the Philadelphia Fed’s Business Outlook Survey fell -5.5 points to 22.5 in September.
The Fed’s balance sheet rose $28.2 billion last week, with total assets of 4.408 trillion. Reserve bank credit rose $29.9 billion.
The Fed reports that M2 money supply rose by $25.1 billion in the latest week.
The MBA reports that mortgage applications rose 7.9% last week, with purchases up 5.0% and refis up 10.0%.
Consumer prices fell -0.2% at the overall rate in August, while the core CPI, which excludes food and energy, was unchanged. On a year-over-year basis, both the headline and core CPI are up 1.7%.
The nation’s current account deficit narrowed to $-98.5 billion in the 2nd Quarter, down from the 1st Quarter’s revised $-102.1 billion.
The NAHB housing market index for August rose 4 points to 59 in September.
The Fed’s newest forecast for GDP growth:2014: 2.0 to 2.2 %; 2015: 2.6 to 3.0 %; 2016: 2.6 to 2.9 %; 2017: 2.3 to 2.5 %; longer run: 2.0 to 2.2 %. In other words, sub-par economic growth for as long as they can foresee. As a reminder, the trend rate of growth for mature economies should be in the 3.0-3.5% range.
The Federal Open Markets Committee announced that interest rates will remain unchanged, with a Fed Funds Rate target of 0-0.5%.
ICSC-Goldman reports weekly retail sales fell -2.6%, and rose 3.0% on a year-over-year basis. Redbook reports retail sales rose 3.6% on a year-ago basis.
Producer Prices for Final Demand were unchanged in August, and were up 0.1% less food and energy. On a year-over-year basis the PPI-FD is up 1.8% overall, and up 1.6% less food and energy. Other relevant numbers from this release:
PPI-FD less food, energy & trade services – M/M change: 0.2%
PPI-FD Goods – M/M change: -0.3%
PPI-FD Goods – Y/Y change: 1.7%
PPI-FD Services – M/M change: 0.3%
PPI-FD Services – Y/Y change: 1.9%
Foreign demand for long-term US securities fell $-18.6 billion in July.