Archive for June, 2015

Key Economic Indicators – June 29, 2015

Sunday, June 28th, 2015

 

  • Real GDP decreased at an annual rate of 0.2% in the first quarter of 2015, after increasing at 2.2% in the previous quarter. In the “second” estimate released a month ago, the decrease in real GDPO was 0.7%.
  • The price index for gross domestic purchases decreased 1.6% in the first quarter, compared to a decrease of 0.1% in the previous quarter. 
  •  Corporate profits from current production decreased $110.8 billion in the first quarter, after a decrease of $30.4 billion in the previous quarter
  • Personal income increased 0.5%, in May, while personal consumption expenditures increased 0.9%. The price index for personal consumption expenditures increased 0.3% in May. The price index (headline index) was up 0.2% from May 2014, while the core index was up 1.2%.
  • New orders for manufactured durable goods decreased 1.8% in May, while Shipments decreased 0.1%. Excluding transportation new orders were up 0.5% in May, while shipments were up 0.3%. Year to date new orders were down 2.2% from the same period a year ago, while shipments were up 2.8%.
  • May existing home sales were up 5.1% from the previous month, and were up 9.2% from a year ago. There were 2,290 thousand homes for sale at the end of the month. This represents a supply of 5.1 months at the current sales rate, compared to 5.5 in May of 2014. The median sales price of existing houses sold was $228.7 thousand, 7.9% above May 2014.
  • May new home sales increased 2.2% from the previous month, and were up 19.5% from a year ago. The median sales price was $282.8 thousand, 1.0% below the May 2014 figure.
  • U.S. House prices rose 0.3% on a seasonally adjusted basis from March to April, according to the Federal Housing Finance Agency’s (FHFA). For the 12 months ending in April, U.S. prices rose 5.3%. The index is now 2.3% below its March 2007 peak and is roughly the same as the February 2006 index level.
  • The results of Freddie Mac’s Primary Mortgage Market Survey showed average fixed mortgage rates little changed from the previous week. 30-year fixed-rate mortgage averaged 4.02% for the week ending June 25, up from last week when it averaged 4.00%. A year ago this time, the 30-year fixed-rate averaged 4.14%.
  • 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 June 19th.
  • The advance figure for initial claims for unemployment insurance increased 3 thousand to 271 thousand in the week ending June 20. The 4-week moving average was 273.75 thousand, a decrease of 3.25 thousand from the previous week’s average.
  • The Thomson Reuters/University of Michigan Index of Consumer Sentiment increased to 96.1 in June, from 90.7 in May. The index was 82.5 in June of 2014.

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Key Economic Indicators – June 22, 2015

Thursday, June 18th, 2015
  • Total Industrial production decreased 0.1% in May, following a 0.5% decrease in the previous month. The index of industrial production in May was 1.4% above its year-ago level. The rate of capacity utilization for total industry was 78.1%, two percentage points below its 1972-2014 average, and one percentage point below its level in May 2014.
  • Housing starts in May were down 11.1% from the previous month, but were up 5.1% from a year ago. Building permits were up 11.8% from the previous month, and were up 25.4% from May 2014.
  • The housing market index of National Association of Home Builders (NAHB) and Wells Fargo increased 5 points to 59 in June.
  • The results of Freddie Mac’s Primary Mortgage Market Survey of June 18th showed average fixed mortgage rates moving lower. 30-year fixed-rate mortgage averaged 4.00% for the week ending June 18th, down from last week when it averaged 4.04%. A year ago at this time, the 30-year fixed mortgage rate was 4.17%.
  • Mortgage applications decreased 5.5% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending June 12th.
  • The current account deficit increased to $113.3 billion in the first quarter, from $103.1 billion in the previous quarter. The deficit increased to 2.6% of GDP in the first quarter of 2015, from 2.3% in the fourth quarter of 2014.
  • The consumer price index increased 0.4% in May, following a 0.1% increase in the previous month. The core index increased 0.1%, following a 0.3% increase in the previous month. The consumer price index was unchanged for the 12-month period ending in May, while the core index rose 1.7%.
  • The advance figure for initial claims for unemployment insurance decreased 12 thousand to 267 thousand in the week ending June 13th. The 4-week moving average was 276.75 thousand, a decrease of 2 thousand from the previous week’s average.
  • Real average hourly earnings for all employees decreased 0.1% from April to May. This result stems from a 0.3% increase in average hourly earnings being more than offset by a 0.4% increase in the consumer price index for all urban consumers.
  • The June 2015 Empire State Manufacturing Survey indicated that business conditions worsened slightly for New York manufacturers.
  • The PhiladelphiaFEDbusiness outlook survey reported that manufacturing conditions in the region improved in June.
  • The Conference Board index of leading economic indicators increased 0.7% in May, while the coincident index increased 0.1%.
  • The Federal Open Market Committee decided to keep its target for the federal funds rate at 0 to 0.25%. “The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run.”

 

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Key Economic Indicators – June 15, 2015

Friday, June 12th, 2015
  • Advance estimates of retail and food services sales for May were up 1.2% from the previous month, and were up 2.7% from May 2014.
  • Total manufacturing and trade sales for April were up 0.6%, while inventories were up 0.4%.
  • Sales of merchant wholesalers in April were up 1.6% while inventories were up 0.4%.
  • The producer price index for final demand increased 0.5% in May, following a decrease of 0.4% in the previous month. The price index for final demand goods excluding food and energy increased 0.2%, following a 0.1% decrease in the previous month. The producer price index for final demand decreased 1.1% from May 2014 to May 2015.
  • The import price index increased 1.3% in May, following a 0.2% decrease in the previous month. The overall import price index decreased 9.6% from May 2014.       The export price index increased 0.6% in May, following a 0.7% decrease in the previous month. The price index for overall exports decreased 5.9% from May 2014.
  • The advance figure for initial claims for unemployment insurance increased 2 thousand to 279 thousand in the week ending June 6. The 4-week moving average was 278.75 thousand, an increase of 3.75 thousand from the previous week’s average.
  • The results of Freddie Mac’s Primary Mortgage Market Survey showed average fixed mortgage rates reaching new highs for 2015. The 30-year fixed mortgage rate averaged 4.04% for the week ending June 11, up from last week when it averaged 3.87%. A year ago at this time, 30-year fixed mortgage rate averaged 4.20%.
  • Mortgage applications increased 8.4% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending June 5th.
  • The Thomson Reuters/University of Michigan Index of Consumer Sentiment, preliminary, rebounded in early June, regaining its average level recorded since the start of the year.

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Key Economic Indicators – June 8, 2015

Sunday, June 7th, 2015
  • Total non-farm payroll employment rose 280 thousand in May, following an increase of 221 thousand in the previous month.   Private-sector payrolls increased by 262 thousand in the month, while government employment increased by 18 thousand.
  • The unemployment rate edged up to 5.5% in May, from 5.4% in April.
  • The average workweek of all employees on private nonfarm payrolls was unchanged at 34.5 hours.
  • Average hourly earnings of all employees on private nonfarm payrolls increased by 8 cents to $24.96. Over the past 12 months, average hourly earnings were up 2.3%.
  • The advance figure for initial claims for unemployment insurance decreased 8 thousand to 276 thousand in the week ending May 30. The 4-week moving average was 274.75 thousand, an increase of 2.75 thousand from the previous week’s average.
  • First quarter productivity decreased 3.1% (seasonally adjusted annual rate) in the non-farm business sector, following a 2.1% decrease in the previous quarter. Unit labor costs increased 6.7%, following a 5.6% increase in the previous quarter. Productivity in the non-farm business sector increased 0.3% from the first quarter of 2014, while unit labor costs increased 1.8%.
  • Personal income increased 0.4% in April, while personal consumption expenditures decreased less than 0.2%. The price index for personal consumption expenditures held steady, while the core index increased 0.1%. The price index for personal consumption expenditures was up 0.1% from April 2014, while the core index was up 1.2%
  • Sales of domestic cars increased 11.9% in May, while total light vehicle (cars and light trucks) sales increased 7.6%. Total vehicle sales were 17.7 million units in May, at a seasonally adjusted annual rate, compared to 16.7 million in May of 2014.
  • New orders for manufactured goods decreased 0.4% in April, while shipments held steady. Year-to-date new orders were down 5.6%, and shipments were down 3.4%.
  • In April international trade deficit was $40.9 billion, $9.8 billion less than the revised March figure. The cumulative deficit was $171.1 billion for the first four months of 2015, compared with a deficit of $169.7 billion for the same period of the previous year.
  • April consumer credit outstanding increased at an annual rate of 7.3%. Revolving credit increased 11.6%, while non-revolving credit increased 5.8%.
  • April construction spending was up 2.2% from the previous month, and was up 4.8% from a year ago. Private construction increased 1.8%, while public construction increased 3.3%.
  • The results of Freddie Mac’s Primary Mortgage Market Survey showed average fixed mortgage rates remaining near their highest level for the year. The 30-year fixed mortgage rate averaged 3.87% for the week ending June 4, unchanged from last week. A year ago at this time, the 30-year fixed mortgage rate was 4.14%.
  • Mortgage applications decreased 7.6% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending May 29th.
  • The Institute for Supply Management’s (ISM) manufacturing survey indicated that the manufacturing sector expanded in May for 29th consecutive month, and the overall economy grew for the 72nd consecutive month.
  • In May, the Institute for Supply Management’s (ISM) non-manufacturing survey results indicated growth in the non-manufacturing business activity for the 64th consecutive month.
  • The FED’s “Beige Book” indicated that overall economic activity expanded during the reporting period from early April to late May.

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