Key Economic Indicators – May 1, 2017

  • Real GDP increased at an annual rate of 0.7% in the first quarter of 2017, according to the “advance” estimate by the Bureau of Economic Analysis. In the fourth quarter of 2016, real GDP increased 2.1%.
  • The price index for gross domestic purchases increased 2.6% in the first quarter of 2017, compared with an increase of 2.0% in the previous quarter.
  • Real final sales of domestic product (GDP less change in private inventories) increased 1.6% in the first quarter, in contrast to an increase of 1.1% in the final quarter of 2016.
  • New orders for manufactured durable goods increased 0.7% in March, while shipments increased 0.2%. Excluding transportation, new orders decreased 0.2%, while shipments increased 0.1%. Year-to-date new orders were up 3.4% from the same period a year ago, while shipments were up 2.2%.
  • Retail inventories for March were up 0.4% from the previous month, and were up 3.5% from March 2016.
  • Wholesale inventories for March, were down 0.1% from February 2017, but were up 2.7% from a year ago.
  • The international trade deficit was $64.8 billion in March, up $0.9 billion from $63.9 billion in February, according to the U.S. Census Bureau.  Exports of goods for March were $125.5 billion, $2.2 billion less than February exports. Imports of goods for March were $190.3 billion, $1.4 billion less than February imports.
  • March new home sales were up 5.8% from the previous month, and were up 15.6% from March 2016. The median sales price of new houses sold was $315.1 thousand, 1.2% above a year ago.
  • The Pending Home Sales Index decreased 0.8% to a reading of 111.4 in March, according to the National Association of Realtors. The index was 0.8% above March 2016 level.
  • The S & P CoreLogic Case-Shiller National U.S. Home Price Index for February indicated that home prices continued their rise across the country over the last 12 months. The U.S. National Index recorded a 5.8% annual gain in February, up from 5.6% last month and setting a 32-month high.
  • The results of Freddie Mac’s Primary Mortgage Market Survey showed average fixed mortgage rates moving higher. 30-year fixed-rate mortgage averaged 4.03% for the week ending April 27, up from last week when it averaged 3.97%. A year ago at this time, the 30-year rate was 3.66%. 15-year fixed-rate mortgage averaged 3.27%, up from last week when it averaged 3.23%. A year ago at this time, the 15-year rate was 2.89%.
  • Mortgage applications increased 2.7% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending April 21st.
  • The Employment Cost Index for total compensation rose 0.8%, seasonally adjusted, for the 3-month period ending March 2017, following a 0.5% increase for the 3-month period ending December 2016. Compensation costs for civilian workers increased 2.4% for the 12-month period ending in March 2017, following a 2.2% increase for the 12-month period ending December 2016. Compensation costs for private industry workers increased 2.3% for the 12-month period ending March 2017, while compensation costs for state and local government workers increased 2.6%.
  • The advance figure for initial claims for unemployment insurance increased 14 thousand to 257 thousand in the week ending April 22. The 4-week moving average was 242.25 thousand, a decrease of 0.5 thousand from the previous week’s revised average.
  • The Conference Board’s consumer confidence index, which had increased in March, decreased in April. The index now stands at 120.3 (1985=100), down from 124.9 in March. The present situation index decreased to 143.9, while the expectations index decreased to 112.3 in April.
  • The Thomson Reuters/University of Michigan Index of Consumer Sentiment for April was little changed from March. The Index was 97 in April, compared with 96.9 in March and 89 in April of last year.
  • The Chicago FED National Activity Index decreased to 0.08 in March, from 0.27 in February. The index’s 3-month moving average decreased to 0.03 in March from 0.16 in February, but remained positive for the fourth consecutive month.

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