Free Markets, Free People

Economic statistics

Economic Statistics for 25 Jul 12

The following statistics were released today on the state of the US economy:

June’s new home sales annual rate of 350,000 is 20,000 below expectations; however, May was revised upwards 13,000 to 382,000, the highest rate in two years. April was also revised up 15,000 to 358,000.

MBA Purchase Applications rose 0.9%, with purchase applications falling -3.0%, but refinancing applications rising 2.0%. Mortgage rates were unchanged, with conforming mortgages going at 3.74%.

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Dale Franks
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Economic Statistics for 24 Jul 12

The following statistics were released today on the state of the US economy:

The Richmond Fed manufacturing index contracted sharply in July to -14 versus -3 last month. New Orders fell to -25.

The FHFA purchase only house price index in May advanced 0.8%, following a 0.8% rise in April. The year-on-year rate is up 3.7%, vice 3.0% percent in April.

The Markit Economics’ PMI Flash for the US slowed to 51.8 in July versus the revised 52.5 in June.

In weekly retail sales, Redbook year-year chain store sales growth came in at a disappointing 1.3% rate, due to unseasonably hot weather. Conversely, ICSC-Goldman says cooler weather produced a 1.0% sales increase for the week, with a year-on-year rate of 3.3%.

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Dale Franks
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Economic Statistics for 19 Jul 12

The following statistics were released today on the state of the US economy:

In a week confused by seasonal adjustments, initial unemployment claims rose 34,000 in to 386,000, which is much higher than expected. But the 4-week average is actually lower, down 1,500 to a 375,500. Continuing claims rose 1,000 to 3.314 million. The 4-week average is also up 1,000 to 3.312 million.

The Bloomberg Consumer Comfort Index remained unchanged at -37.5 in the latest week.

Existing home sales fell 5.4% in June to a much weaker than expected 4.37 million annual rate, the lowest of the year. The declines are across the board in both single-family homes and condos, and in all geographical regions.

The Philadelphia Fed Survey rose to -12.9, indicating a slower rate of contraction in the district from last month.

The Conference Board’s index of leading indicators fell 0.3% in June. But the coincident index rose 0.2% in June, indicating current growth in the economy.

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Dale Franks
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Economic Statistics for 18 Jul 12 (Updated)

The following statistics were released today on the state of the US economy:

Housing starts rebounded 6.9% in June, to a 0.760 million annual rate. Housing permits, an indicator of future activity, fell -3.7% to a 0.755 million annual rate.

The Mortgage Bankers’ Association reports mortgage applications rose 16.9% last week, with purchases down -0.1%, and re-finance applications up 22.0%.

Update: The Fed’s Beige Book report on the economy, while still troubling, was a bit more optimistic than expected. Retail sales, housing, loan demand, and inflation were moderately positive. Manufacturing is still weak, however. Overall, though, the report indicates a weakening recovery and sluggish economy. The strength in retail sales also is at odds with the official reporting, which indicates substantially more weakness than the Beige Book reports.

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Dale Franks
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Economic Statistics for 17 Jul 12

The following statistics were released today on the state of the US economy:

The consumer price index was unchanged for June, and up 1.7% from last year. The core CPI rose 0.2%, and is up 2.2% from last year.

The Housing Market Index jumped the most in 10 years, rising a huge 6 points to 35, its highest level since March 2007. This has analysts hoping that the housing market has turned the corner.

Industrial production rose 0.4% in June, but capacity utilization at the nation’s factories fell slightly to 78.9%. Manufacturing output rose 0.7% for the month.

Net inflow of long-term securities rose $55.0 billion in May, up from April’s revised $27.2 billion. Foreign official institutions were the heaviest buyers of US securities in the month.

In weekly retail sales, Redbook shows a very disappointing 1.7% year-on-year sales increase, one of the lowest since April 2011. ICSC-Goldman Store Sales showed no increase from last week, and the year-on-year increase was 2.6%, which, while still on trend, is moving south.

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Dale Franks
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Economic Statistics for 16 Jul 12

The following statistics were released today on the state of the US economy:

Retail sales declined for the third month in a row, falling a greater-than-expected -0.5% in June. Less autos, sales fell -0.4%; less gas and autos, sales fell -0.2%. Retail sales on a year-ago basis were up 3.8%.

In another unwelcome sign for the economy, Business inventories in May rose 0.3%, while sales fell 0.1% for the second month in a row. This raised the stock-to-sales ratio to 1.27. That’s the highest level since May 2011.

The Empire State Mfg Survey rose more than 5 points to 7.39, but new orders, an indication of future activity, fell to -2.69. Unfilled orders are also contracting, at a very steep -13.58.

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Dale Franks
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Economic Statistics for 13 Jul 12

The following statistics were released today on the state of the US economy:

The Producer Price Index rose 0.1% in June, and up 0.8% on a year-over-year basis. Ex-food and transportation, the Core PPI was up 0.2%, and 2.6% year-over-year.

While some increasing optimism is evident in the underlying numbers, the overall consumer sentiment index fell 1.2 points to 72.0.

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Dale Franks
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Economic Statistics for 12 Jul 12

The following statistics were released today on the state of the US economy:

Initial jobless claims fell 26,000 to 350,000 last week, mainly due to seasonal distortions in the Auto Industry. The 4-week moving average fell to 376,500. Continuing claims fell to 3.304 million.

Import prices for June followed May’s 1.0% decline by falling -1.7%, with a year-over-year rate of -2.1%. Export prices fell -2.7%, with a year-over-year rate of -2.6%.

The Bloomberg Consumer Comfort Index remained unchanged at 37.5 in the latest week.

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Dale Franks
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Economic Statistics for 11 Jul 12

The following statistics were released today on the state of the US economy:

In May, the U.S. trade gap shrank to $48.7 billion from a revised $50.6 billion in April, primarily on falling oil prices.

Wholesale inventories rose 0.3% in May, well above a -0.8% decline in sales at the wholesale level. The stock to sales ratio rose to 1.18.

MBA Purchase applications fell -2.1% in the latest week, with purchase apps rising 3.0% and re-finance apps falling -3.0%.

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Dale Franks
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