Current-Cast® Report

• July existing home sales increased 2.4% to an annualized rate of 5,150 thousand units, according to the National Association of Realtors. July sales were down 4.3% from a year ago. The median sales price of existing houses sold was $222.9 thousand, 4.9% above July 2013.
• Housing starts surged 15.7% in July to an annualized pace of 1.093 million, while building permits rose 8.1% to an annualized rate of 1.052 million.
• The results of Freddie Mac’s Primary Mortgage Market Survey of August 21st showed average fixed mortgage rates decreasing. 30-year fixed mortgage rate averaged 4.10% for the week ending August 21, down from last week when it averaged 4.12%.
• Mortgage applications increased 1.4% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending August 15th.
• The advance figure for initial claims for unemployment insurance decreased 14 thousand to 298 thousand in the week ending August 16. The 4-week average was 300.75 thousand, an increase of 4.75 thousand from the previous week’s revised average of 296 thousand.
• The consumer price index (headline index) rose 0.1% in July, following a 0.3% in the previous month. The core index also rose 0.1% in July. The consumer price index increased 2.0% for the 12-month period ending in July, while the core index rose 1.9%.
• The Philadelphia FED business outlook survey for August reported accelerated growth in manufacturing activity.
• The Conference Board index of leading economic indicators increased 0.9% in July, while the coincident index increased 0.2%.

• Advance estimates of retail and food services sales for July were up less than 0.1% from the previous month, and were up 3.7% from July 2013. Retail sales excluding autos rose 0.1% from the previous month.
• Total manufacturing and trade sales for June were up 0.3% from the previous month, while inventories were up 0.4%.
• Total Industrial production increased 0.4% in July. Total industrial production was up 5.0% from July 2013.
• The rate of capacity utilization for total industry was 79.2%, compared with 77.5 in July 2013.
• The results of Freddie Mac’s Primary Mortgage Market Survey of August 14th showed average fixed mortgage rates decreasing from the previous week. Averaging at 4.12% for the week, the 30-year fixed-rate mortgage once again is at its 2014 low.
• Mortgage applications decreased 2.7% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending August 8th.
• The federal government budget ran a deficit of $94.6 billion in July, after a surplus of $70.5 billion in the previous month.
• The advance figure for initial claims for unemployment insurance increased 21 thousand to 311 thousand in the week ending August 9.
• The producer price index for total demand (headline index) increased 0.1% in July, while the core index, excluding food & energy, increased 0.2%. The producer price index increased 1.7% from July 2013.
• The import price index decreased 0.2% in July, while the export price index held steady. The import price index increased 0.8% from July 2013, while export prices increased 0.4%.
• The August 2014 Empire State Manufacturing Survey indicated that acceleration in business activity slowed for New York manufacturers. The index still remains strong at 14.7, compared with 25.6 in July.
• The Thomson Reuters/University of Michigan Index of Consumer Sentiment, preliminary, decreased to 79.2 in early August.

• Sales of domestic cars decreased 2.0% in July, while total light vehicle (cars and light trucks) sales decreased 2.7%. Total vehicle sales were 16.4 million units in July, at a seasonally adjusted annual rate, compared to 16.8 million in the previous month, and 15.7 million in July of 2013.
• New orders for manufactured goods increased 1.1% in June, while shipments increased 0.5%.
• Sales of merchant wholesalers in June were up 0.2% from the previous month, while inventories were up 0.3%.
• In June, international trade deficit was $41.5 billion, $3.2 billion less than the revised May figure. The cumulative trade deficit for the first half of 2014 was $260.1 billion, compared with a cumulative deficit of $242.7 billion during the first half of 2013.
• June consumer credit outstanding increased at an annual rate of 6.5%. Revolving credits increased at an annual rate of 1.3%, while non-revolving credits increased 8.4%.
• The advance figure for initial claims for unemployment insurance decreased 14 thousand to 289 thousand in the week ending August 2.
• The results of Freddie Mac’s Primary Mortgage Market Survey of August 7th showed average fixed mortgage rates moving slightly higher while remaining near their year’s lows.
• Mortgage applications increased 1.6% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending August 1st.
• In July, the Institute for Supply Management’s (ISM) non-manufacturing survey results indicated growth in the non-manufacturing business activity (exceeded 50.0%) for the 54th consecutive month.

• Real GDP increased at an annual rate of 4.0% in the second quarter of 2014, after decreasing 2.1% in the previous quarter.
• The price index for gross domestic purchases increased 1.9% in the second quarter, compared to an increase of 1.4% in the previous quarter.
• Personal income and personal consumption expenditures both increased 0.4% in June.
• The price index for personal consumption expenditures increased 0.2% in June, while the core index, increased 0.1%. The price index (headline index) was up 1.6% from June 2013, while the core index was up 1.5%.
• Total non-farm payroll employment increased 209 thousand in July, following an increase of 298 thousand in the previous month.   Private-sector payrolls increased by 198 thousand in the month, while government employment increased by 11 thousand.
• The number of unemployed persons increased 197 thousand to 9.671 million. The unemployment rate edged up to 6.2% in July, from 6.1% in June. The unemployment rate was 7.3% in July of 2013.
• The average workweek of all employees on private nonfarm payrolls was unchanged at 34.5 hours. Average hourly earnings increased by a cent to $24.45, while average weekly earnings increased by $0.35 to $843.43. Over the past 12 months, average hourly earnings were up 2.0%, and average weekly earnings were up 2.3%.
• The advance figure for initial claims for unemployment insurance increased 23 thousand to 302 thousand in the week ending July 26.
• The results of Freddie Mac’s Primary Mortgage Market Survey of July 31st showed average fixed mortgage rates little changed from the previous week.
• Mortgage applications decreased 2.2% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending July 25th.