The MBA reports that rising mortgage rates sent mortgage applications down -9.2% in the latest week. Purchases fell -5.0%, while re-fis dropped -13.0%.
The nation’s current account deficit the 1st Quarter of 2014 rose to $-111.2 billion from a revised $-87.3 billion in 4Q 2013.
The Federal Open Markets Committee left interest rates unchanged today, with a Fed Funds target rate of 0% – 0.25%.
The FOMC’s June projection for economic growth: 2014: 2.1-2.3%; 2015: 3.0-3.2%; 2016: 2.5-3.0%; longer run: 2.1-2.2%. Again, the prediction is for continuing subpar GDP growth.
The Empire State manufacturing index remained strong for June, rising a slight 0.27 points to a strong 19.28.
The Treasury reports that net foreign demand for long-term US securities fell $-24.2 billion in June.
Industrial production rose 0.6% in May, while capacity utilization in the nation’s factories rose 0.5% to 79.1%.
The NAHB housing market index for June rose 4 points to 49, just one point under the break-even reading of 50.
Producer prices for final demand fell -0.2% in May, and are up 2.0% on a year-over-year basis. PPI-FD less food & energy: -0.1 %, PPI-FD less food, energy & trade services: 0.0 %, PPI-FD Goods: -0.1 %, PPI-FD Services: -0.2 %.
The University of Michigan’s Consumer Sentiment Index fell -0.7 points to 81.2 in June.
Weekly initial jobless claims rose 4,000 to 317,000. The 4-week average rose 5,000 to 315,250. Continuing claims rose 11,000 to 2.614 million.
Retail sales for May rose 0.3% overall, but were only up 0.1% less autos, and were unchanged from April less autos & gas.
Both export and import prices rose 0.1% in May. On a year over year basis, export prices rose 0.5%, as import prices rose 0.4%.
The Bloomberg Consumer Comfort Index rose o.4 points to 35.5 in the latest week.
Business inventories rose a higher than expected 0.6% in April, but a 0.7% sales increase kept the stock-to-sales ratio at 1.29.
The Fed’s balance sheet rose $10.0 billion last week, with total assets of $4.341 trillion. Total reserve bank credit rose by $8.8 billion.
The Fed reports that M2 money supply rose $10.9 billion in the latest week.
The June NFIB Small Business Optimism Index rose 1.4 points to 96.6 for the best reading since September 2007.
ICSC-Goldman reports weekly retail sales down -2.8%, but up 3.0% on a year-over-year basis. Redbook reports an 3.3% rise in retail sales over last year.
Wholesale inventories rose 1.1% in April, while 1.3% sales increase kept the stock-to-sales ratio unchanged at 1.18.
May’s US Treasury budget ended in a $-130.0 billion deficit, following April’s $1.03 billion surplus.
The MBA reports that mortgage applications rose 10.3% last week. Purchases rose 9.0% and re-fis rose 11.0%.
Non-farm payrolls rose by 217,000 net new jobs, while the unemployment rate remained steady at 6.3%. Average hourly earnings rose by 0.2%, while the average workweek remained unchanged at 34.5 hours.
Consumer credit rose a record $26.8 billion in April, far above expectations. Revolving credit jumped to $8.8 billion.
Chain stores reported slower year-on-year sales growth in May, but this year’s Easter shift made April look better, complicating the comparison.
The Challenger Job-Cut Report for May jumped to 52,961 reported layoffs, the highest since February, 2013.
Gallup’s Payroll to Population employment rate rose 1.1% to 44.5% in May.
Weekly initial jobless claims rose 8,000 to 312,000. The 4-week average fell 2,250 to 310,250. Continuing claims fell 20,000 to 2.603 million.
The Bloomberg Consumer Comfort Index rose for the first time in five weeks, up 1.8 points to 35.1 in the latest week.
The Fed’s balance sheet rose $8.3 billion last week, with total assets of $4.331 trillion. Total reserve bank credit rose by $0.3 billion.
The Fed reports that M2 money supply rose $36.1 billion in the latest week.
The MBA reports that mortgage applications fell -3.1% last week. Purchases fell -4.0% and re-fis fell -3.0%.
ADP’s estimate for private payroll growth for May is a weak 179,000.
In contrast to ADP’s weak jobs estimate, Gallup’s Job Creation Index for May was 27, a 6-year high.
The U.S. international trade deficit rose to a much higher than expected $-47.2 billion in April.
The Commerce department revised 1Q 2014 productivity down sharply, to a -3.2% annualized decline. Unit labor costs, meanwhile, rose a sharp 5.7%.
The US Services Purchasing Managers’ Index rose 3.1 points to 58.1 in May.
The ISM Non-Manufacturing Index rose 1.1 points to 56.3 in May.
JP Morgan Global Composite PMI rose 1.5 points to 54.3 in May, while the Global Services PMI rose 1.9 points to 54.6.
The Fed’s Beige Book characterized current economic activity as modest to moderate, but noted ongoing labor market improvement.
Gallup’s self-reported Consumer Spending measure spiked up to $98 per day in May vice $88 in April.
The ISM manufacturing composite index rose to 55.4 in May from a corrected 54.9 in April.
Construction Spending in April rose a lower-than-expected 0.2%, but is up 8.6% on a year-ago basis.
Personal income rose 0.3% in April, while personal spending fell -0.1%. The PCE Price index rose 0.2% at both the headline and core level.
The Chicago PMI rose another 2.5 points in May to a strong 65.5.
The University of Michigan’s Consumer Sentiment Index rose a slight 0.1 points to 81.9 in May.