Current-Cast® Report

• Real GDP increased at an annual rate of 1.5% in the second quarter of 2012, after increasing at 2.0% in the previous quarter. The price index for gross domestic purchases increased 0.7% in the second quarter, compared to an increase of 2.5% in the previous quarter.

• Personal income increased 0.5% in June, while personal consumption expenditures decreased less than 0.1%. The price index for personal consumption expenditures increased 0.1% in June, following a 0.2% decrease in the previous month.

• New orders for manufactured durable goods increased 1.6% in June, while shipments increased 0.1%.

• June new home sales decreased 8.4% to an annualized rate of 350 thousand units. The June figure was 15.1% above the June 2011 figure. The median sales price was $232.5 thousand, 3.3% below the June 2011 figure.

• The Pending Home Sales Index, a leading indicator for the housing sector, decreased 1.4% to a reading of 99.3 in June.

• Fixed mortgage rates continued to find new all-time record lows, according to Freddie Mac’s weekly primary mortgage market surveys. The 30-year fixed mortgage rate averaged 3.49% for the week ending July 26, down from the previous week when it averaged 3.53%.

• The advance figure for initial claims for unemployment insurance decreased 35 thousand to 353 thousand in the week ending July 21.

• The Employment Cost Index for total compensation rose 0.5%, seasonally adjusted, for the 3-month period ending June 2012, following a 0.4% increase for the 3–month period ending March 2012.

• The Conference Board’s consumer confidence index, which had declined in June, improved slightly in July.

*          Advance estimates of retail and food services sales for June were down 0.5% from May, but were up 3.8% from June 2011.

*          Total manufacturing and trade sales were down 0.1% in May, while inventories were up 0.3%.

*          Total Industrial production increased 0.4% in June. The rate of capacity utilization for total industry was 78.9%.

*          Housing starts increased 6.9% in June, while building permits decreased 3.7%.

*          June existing home sales decreased 5.4% to an annualized rate of 4,370 thousand units. The median sales price of existing houses sold was $189.4 thousand, 7.9% above June 2011.

*          The housing market index of National Association of Home Builders (NAHB) and Wells Fargo rose to 35 in July, from 29 in June.

*          Fixed mortgage rates continued to find new all-time record lows, according to Freddie Macís weekly primary mortgage market surveys. The 30-year fixed mortgage rate averaged 3.53% for the week ending July 19, down from the previous week when it averaged 3.56%.

*          Treasury International Capital reported net foreign purchases of long-term securities of $50.1 billion in May.

*          The consumer price index (headline index) held steady in June, while the core index increased 0.2%. The consumer price index increased 1.7% for the 12-month period ending in June, while the core index rose 2.2%.

*          The advance figure for initial claims for unemployment insurance increased 34 thousand to 386 thousand in the week ending July 14.

*          July Empire State Manufacturing Survey indicated that manufacturing activity in New York State expanded modestly over the month.

*          The Philadelphia FED business outlook survey for July indicated weaker business conditions.

*          The Conference Board index of leading economic indicators decreased 0.3% in June, while the coincident index increased 0.2%.

*          In May international trade deficit was $48.7 billion, $1.9 billion less than the revised April figure.

*          The federal government budget ran a deficit of $59.7 billion in June, after a deficit of $124.6 billion in the previous month.

*          May consumer credit outstanding increased at an annual rate of 8.0% to $2,572.8 billion.

*          Fixed mortgage rates continued to find new record lows, according to Freddie Macís weekly primary mortgage market surveys. The 30-year fixed mortgage rate averaged 3.56% for the week ending July 12, down from the previous week when it averaged 3.62%.

*          Sales of merchant wholesalers in May were down 0.8% from April, while inventories were up 0.3%.

*          The producer price index for finished goods (headline index) increased 0.1% in June, while the core index increased 0.2%. The producer price index for finished goods increased 0.7% from June 2011 to June 2012.

*          The import price index decreased 2.7% in June, while the export price index decreased 1.7%.

*          The advance figure for initial claims for unemployment insurance decreased 26 thousand to 350 thousand in the week ending July 7.

*          The Thomson Reuters/University of Michigan Index of Consumer Sentiment, preliminary, declined in July to the lowest level this year.

*          Total non-farm payroll employment rose 80 thousand to 133.088 million in June, following an increase of 77 thousand in the previous month. Private-sector payrolls increased 84 thousand in the month, while government employment decreased 4 thousand.

*          The number of unemployed persons increased by 129 thousand to 12.749 million. The unemployment rate held steady at 8.2%.

*          The average workweek of production and non-supervisory employees increased by 0.1 to 33.8 hours. Average hourly earnings increased by 5 cents to $19.74.

*          The advance figure for initial claims for unemployment insurance decreased 14 thousand to 374 thousand in the week ending June 30.

*          Sales of domestic cars increased 2.3% in June, while foreign car sales held steady. Total light vehicle (cars and light trucks) sales increased 2.3% in June, after a 4.5% decrease in the previous month. Sales were 14.0 million units in June, at a seasonally adjusted annual rate, compared to 11.5 million in June of 2011, and 11.3 million in June of 2010.

*          New orders for manufactured goods (excluding semiconductors) increased 0.7% in May, while shipments increased 0.5% in May.

*          May construction spending increased 0.9% to $830.0 billion, seasonally adjusted annual rate. Private construction increased 1.6%, while public construction decreased 0.4%.

*          Fixed mortgage rates continued to find new record lows, according to Freddie Mac’s weekly primary mortgage market surveys. The 30-year fixed mortgage rate averaged 3.62% for the week ending July 5, down from the previous week when it averaged 3.66%.

*          The Institute for Supply Management’s (ISM) manufacturing survey indicated that the manufacturing sector contracted in June for the first time since July 2009.

*          In June, the Institute for Supply Management’s (ISM) non-manufacturing survey results indicated growth in the non-manufacturing business activity for the 30th consecutive month.

*          Real GDP increased at an annual rate of 1.9% in the first quarter of 2012, after increasing at 3.0% in the previous quarter.

*          The price index for gross domestic purchases increased 2.6% in the first quarter, compared to an increase of 1.1% in the previous quarter.

*          Corporate profits from current production decreased $6.4 billion in the first quarter, after an increase of $16.8 billion in the previous quarter

*          Personal income increased 0.2%, in May, while personal consumption expenditures decreased less than 0.1%. The price index for personal consumption expenditures decreased 0.2% in May. The price index (headline index) was up 1.5% from May 2011, while the core index was up 1.8%.

*          New orders for manufactured durable goods increased 1.1% in May, while Shipments increased 0.7%

*          May new home sales increased 7.6% to an annualized rate of 369 thousand units. The median sales price was $234.5 thousand, 5.6% above the May 2011 figure.

*          The Pending Home Sales Index, a leading indicator for the housing sector, increased 5.9% to a reading of 101.1 in May.

*          The 30-year fixed mortgage rate averaged 3.66% for the week ending June 28, unchanged from the previous week.

*          The advance figure for initial claims for unemployment insurance decreased 6 thousand to 386 thousand in the week ending June 23.

*          The Conference Board’s consumer confidence index, which had declined in May, fell further in June.

*          The Thomson Reuters/University of Michigan Index of Consumer Sentiment posted a sizeable loss in June.