Key Economic Indicators – August 4, 2014

  • 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.

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