US US real GDP grew at a 4.1% pace during the second quarter and first quarter growth was also slightly stronger than first reported. The stronger GDP figures do not come as much of a surprise. This past quarter’s GDP data were even more difficult to predict than usual. The second quarter data include benchmark [...]
US The US labor market remained hot in June. Employers added 213,000 new jobs, while May’s gain was revised up to 244,000 from 223,000. Gains in June were broad based, with most industries adding jobs over the month. The unemployment rate ticked up to 4.0%; however, the upward movement was due to a 0.2 percentage [...]
US New home sales jumped 6.7% in May, to a 689,000-unit pace. However, April sales were revised lower and now reflect a 3.7% drop. Sales in the South were up 17.9% in May, to a new cycle high, and accounted for all of the national increase. More than half of new home sales occur in [...]
US US housing starts bounced back solidly in May following April’s upwardly revised 3.1% fall, rising 5% to a 1.35 million-unit pace. Both single-family (+3.9%) and multifamily (+7.5%) starts rose, but total permits fell 4.6% to a 1.30 million-unit pace. Not typically the load carrier, the Midwest drove starts this month, surging a massive 62.2%. [...]
US In the May US retail sales report, headline sales surged 0.8% following an upwardly revised 0.4% in April. Much of the recent strength in retail sales has been attributed to rising gasoline prices. However, excluding gasoline station sales, sales increased an impressive 0.7%. Moreover, the relatively strong print in automobile sales is, perhaps, the [...]
US US April factory orders declined 0.8%, reversing part of March’s 1.7% increase. The closely watched core capital goods shipments component climbed 0.9% in the first month of the quarter, supporting the view of a modest pace of equipment investment. There were, however, signs of strain in the supply chain as the number of unfilled [...]
US US consumers’ optimism about the economy helped to fuel spending above and beyond income growth in April. US household spending rose 0.6% in April, while personal income rose 0.3%. Stronger spending has also been driven by the recent federal tax changes leading to lower withholding for many households. Income outpaced spending the first two [...]
US New US home sales declined 1.5% in April, dropping to an annual pace of 662,000 units. This was better than the consensus estimate of a 2.1% decline. However, March new home sales were revised downward to a 2.0% monthly gain from a first reported 4.0% rise. New home sales are now 8.4% higher year-to-date [...]
US US small business optimism rose slightly in April after losing some ground in March. That followed a cycle high hit in February after the tax cuts boosted the mood on main street. The mood is still very upbeat. Strong demand is translating into rising earnings on net for firms. Small businesses are also seeing [...]
US The US personal income and spending report showed an encouraging spending rebound in March. Consumer spending rose 0.4% during the month on both a real and nominal basis. The 0.4% rise came on the heels of a weaker February gain, with nominal spending flat and real spending declining 0.2%. Consumer spending took a breather [...]
