• New orders for durable goods decreased 2.2% in May, following a 3.4% increase in the previous month.
  • Existing home sales increased 1.8% to a seasonally adjusted annual rate of 5.53 million in May, from 5.43 million in April, according to the National Association of Realtors. The median existing home price in May was $239.7 thousand, up 4.7% from May 2015.
  • The Federal Housing Finance Agency House price index increased 0.2% in April, following a 0.8% increase in the previous month. The index was up 5.9% from a year ago.
  • The advance figure for initial claims for unemployment insurance was 259 thousand in the week ending June 18, a decrease of 18 thousand from the previous week. The 4-week moving average was 267 thousand, a decrease of 2.25 thousand from the previous week’s average.
  • The Thomson Reuters/University of Michigan Index of Consumer Sentiment decreased to 93.5 in June, from 94.7 in May.

 

  • Advance estimates of retail and food services sales for May were up 0.5% from April, and were up 2.5% from May 2015, according to the U.S. Census Bureau. Excluding motor vehicle & parts, retail sales were up 0.4% in May.
  • Total manufacturing and trade sales for April were up 0.9%, while inventories were up 0.1%, according to the U.S. Census Bureau. The total business inventories/sales ratio was 1.40, compared with 1.41 in the previous month.
  • Total Industrial production decreased 0.4% in May, following a 0.6% increase in the previous month. The rate of capacity utilization decreased 0.4 percentage point to 74.9%.
  • Housing starts in May were down 0.3% from the previous month, but were up 9.5% from May 2015. Building permits in May were up 0.7% from April, but were down 10.1% from a year ago.
  • The consumer price index increased 0.2% in May, following a 0.4% increase in the previous month. The core index increased 0.2%, the same increase as in the previous month. The consumer price index increased 1.0% for the 12-month period ending in May, while the core index rose 2.2%.
  • The producer price index for total final demand increased 0.4% in May, following a 0.2% in the previous month. The index for final demand goods less foods and energy increased 0.3%, after posting a 0.1% increase in the previous month. The producer price index for final demand decreased 0.1% from May 2015 to May 2016, while the core index rose 1.2%.
  • The import price index increased 1.4% in May, while the export price index increased 1.1%. The import price index decreased 5.0% from May 2015 to May 2016, while the price index for exports decreased 4.5%.
  • The advance figure for initial claims for unemployment insurance was 277 thousand in the week ending June 11, an increase of 13 thousand from the previous week’s level. The 4-week moving average was 269.25 thousand, a decrease of 0.25 thousand from the previous week’s average.
  • The June 2016 Empire State Manufacturing Survey indicated that business activity improved for New York manufacturers.
  • The Philadelphia FED business outlook survey indicated that regional manufacturing activity improved slightly in June.
  • Sales of merchant wholesalers in April were up 1.0% from the previous month, but were down 2.6% from April of 2015. Sales of durable goods were up 0.4% in February, while sales of nondurable goods were up 1.5%. Inventories of merchant wholesalers were up 0.6% from the previous month, and were up 0.9% from April 2015.
  • April consumer credit outstanding increased at an annual rate of 4.5%. Revolving credit increased 2.1%, while non-revolving credit increased 5.4%.
  • The federal government budget ran a deficit of $52.5 billion in May, after a surplus of $106.5 billion in the previous month. The cumulative deficit for the first eight months of fiscal year 2016 was $407.1 billion, compared with a deficit of $366.8 billion for the same period of the previous fiscal year.
  • First quarter productivity decreased 0.6% (seasonally adjusted annual rate) in the non-farm business sector, following a 1.7% decrease in the previous quarter. Unit labor costs increased 4.5%, following a 5.4% increase in the previous quarter. Productivity in the non-farm business sector increased 0.7% from the first quarter of 2015, while unit labor costs increased 3.0%.
  • The advance figure for initial claims for unemployment insurance decreased 4 thousand to 264 thousand in the week ending June 4. The 4-week moving average was 269.5 thousand, a decrease of 7.5 thousand from the previous week’s average.
  • The number of job openings was little changed at 5.8 million on the last business day of April, according to the U.S. Bureau of Labor Statistics. Hires edged down to 5.1 million, while separations were little changed at 5.0 million.
  • Federal Reserve Board of Governors Labor Market Conditions Index, which is based on 19 labor market indicators, decreased 4.8 points in May. This was the fifth consecutive monthly decline in the index.
  • The results of Freddie Mac’s Primary Mortgage Market Survey showed average fixed mortgage rates falling, largely due to a disappointing employment report. The 30-year fixed mortgage rate averaged 3.60% for the week ending June 9, down from last week when it averaged 3.66%. A year ago at this time, 30-year fixed mortgage rate averaged 4.04%.
  • Mortgage applications increased 9.3% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending June 3rd.
  • The Thomson Reuters/University of Michigan Index of Consumer Sentiment, preliminary, indicated that consumers were a bit less optimistic in early June due to increased concerns about future economic prospects. The index was 94.3 in early June, compared with 94.7 in May, and 96.1 in June of 2015.
  • Total non-farm payroll employment rose 38 thousand in May, following an increase of 123 thousand in the previous month.   Private-sector payrolls increased by 25 thousand in the month, while government employment increased by 13 thousand.
  • The unemployment rate decreased to 4.7% in May, from 5.0% in April. The rate of unemployment was 5.5% in May of 2015.
  • The average workweek of all employees on private nonfarm payrolls was unchanged at 34.4 hours.
  • Average hourly earnings of all employees on private nonfarm payrolls increased by 5 cents to $25.59. Over the past 12 months, average hourly earnings were up 2.5%.
  • The advance figure for initial claims for unemployment insurance decreased a thousand to 267 thousand in the week ending May 28. The 4-week moving average was 276.75 thousand, a decrease of 1.75 thousand from the previous week’s average.
  • Unemployment rates were lower in April than a year earlier in 269 of the 387 metropolitan areas, higher in 94 areas, and unchanged in 24 areas, according to the U.S. Bureau of Labor Statistics. Nonfarm payroll employment increased over the year in 327 metropolitan areas, decreased in 54 areas, and was unchanged in 6 areas. The national unemployment rate in April was 4.7 percent, not seasonally adjusted, down from 5.1 percent a year earlier.
  • Personal income increased 0.4% in April, while personal consumption expenditures increased 1.0%. The price index for personal consumption expenditures increased 0.3%, while the core index increased 0.2%. The price index for personal consumption expenditures was up 1.1% from April 2015, while the core index was up 1.6%
  • Sales of domestic cars increased 11.9% in May, while total light vehicle (cars and light trucks) sales increased 0.2%. Total vehicle sales were 17.4 million units in May, at a seasonally adjusted annual rate, compared to 17.6 million in May 2015 and 16.6 million in May 2014.
  • New orders for manufactured goods increased 1.9% in April, while shipments increased 0.5%. Year-to-date new orders were down 2.3%, and shipments were down 2.8%.
  • In April international trade deficit was $37.4 billion, $1.9 billion more than the revised March figure. The cumulative deficit was $159.3 billion for the first four months of 2016, compared with a deficit of $167.4 billion for the same period of the previous year.
  • April construction spending was down 1.8% from the previous month, but was up 4.5% from a year ago. Private construction decreased 1.5%, while public construction decreased 2.8%.
  • The results of Freddie Mac’s Primary Mortgage Market Survey showed average fixed mortgage rates moving slightly higher. The 30-year fixed mortgage rate averaged 3.66% for the week ending June 2, up from last week when it averaged 3.64%. A year ago at this time, the 30-year fixed mortgage rate was 3.87%.
  • Mortgage applications decreased 4.1% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending May 27th.
  • The Institute for Supply Management’s (ISM) manufacturing survey indicated that the manufacturing sector expanded in May for the third consecutive month, and the overall economy grew for the 84th 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 76th consecutive month.
  • The FED’s “Beige Book” indicated that overall economic activity expanded modestly during the reporting period from early April through mid-May.