· Sales of merchant wholesalers in June were up 0.7% from the previous month, and were up 5.5% from June of 2016. Sales of durable goods were up less than 0.1%, while sales of nondurable goods were up 1.4%. Inventories of merchant wholesalers were up 0.7% from the previous month, and were up 2.8% from a year ago. The June inventories/sales ratio was 1.29, compared with 1.32 a year ago.
· June consumer credit outstanding increased at an annual rate of 3.9%. Revolving credit increased 4.9%, while non-revolving credit increased 3.5%.
· The results of Freddie Mac’s Primary Mortgage Market Survey showed average fixed mortgage rates decreasing. The 30-year fixed mortgage rate averaged 3.90% for the week ending August 10, down from last week when it averaged 3.93%. A year ago at this time, 30-year fixed mortgage rate averaged 3.45%. The 15-year fixed mortgage rate averaged 3.18% for the week ending August 10, unchanged from last week. A year ago at this time, 15-year fixed mortgage rate averaged 2.76%.
· Mortgage applications increased 3.0% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending August 4th.
· The producer price index for final demand (headline index) decreased 0.1% in July, following a 0.1% increase in the previous month. The index for final demand less foods, energy, and trade held steady, after an increase of 0.2% in June. The producer price index for final demand increased 1.9% for the 12 months ended in July. The index for final demand less foods, energy, and trade also increased 1.9% during the same period.
· The consumer price index increased 0.1% in July, after holding steady in the previous month. The core index increased 0.1%, the same increase as in the previous month. The consumer price index (headline index) increased 1.7% for the 12-month period ending in July, and the core index also rose 1.7%.
· Real average hourly earnings for all employees increased 0.2% from June to July. This result stems from a 0.3% increase in average hourly earnings being partially offset by a 0.1% increase in the consumer price index for all urban consumers.
· The advance figure for initial claims for unemployment insurance increased 3 thousand to 244 thousand in the week ending August 5. The 4-week moving average was 241 thousand, a decrease of a thousand from the previous week’s average. The advance number for seasonally adjusted insured unemployment (ongoing) during the week ending July 29 was 1,951 thousand, a decrease of 16 thousand from the previous week’s revised level. The 4-week moving average was 1,965 thousand, an increase of 0.5 thousand from the previous week’s revised average.