Retail sales for May performed solidly, with sales growing 0.5 percent to hit $455.6 billion, the Census Bureau reported last week. Compared annually, last month’s sales were 2.5 percent higher than May 2015, and sales for the March 2016 through May 2016 period were 2.4 percent higher than the same period from last year.
Gas stations posted the largest sales increase for May, growing 2.1 percent over April. Music store sales … (0 comments)
Retail sales for March dropped 0.3 percent to $446.9 billion, according to last week’s report from the Census Bureau. That said, compared annually, March’s retail sales were up 1.7 percent from March 2015.
Some key drivers for March’s downward performance were auto dealers, which saw a 2.3 percent drop; clothing and accessory stores, which fell 0.8 percent; food and drinking establishments, which were off by 0.8 … (0 comments)
employment greenville sc: Economic News in Review Greenville SC - Feb 16, 2016
- 02/16/16 06:32 AM
Economic News in Review Greenville SC Here is last week’s Economic News in Review Greenville SC. Retail sales enjoyed solid gains, while lay-offs plummeted and wholesale inventories notched down. Retail Sales Retail and food services sales rallied in January growing 0.2 percent to hit $449.9 billion, the Census Bureau reported last week. Compared to last year, this was 3.4 percent higher than January 2015. Non-store retailers were a key driver for last month’s retail performance, growing 1.6 percent. Other notable performers were miscellaneous retailers, which were up 1.2 percent; general merchandise and grocery stores, which both grew 0.8 percent; and vehicle and parts dealers and home and … (0 comments)
employment greenville sc: Economic News in Review Greenville SC - Feb 02, 2016
- 02/02/16 05:52 AM
Economic News in Review Greenville SC Here is last week’s Economic News in Review Greenville SC. Sales of new homes hit their highest level in 10 months, while lay-offs saw a sizable decline, and GDP continued to grow, but at a slower rate. New Home Sales Sales of new homes got a shot in the arm in December, with completed transactions of new single-family homes growing a healthy 10.8 percent to hit an annual rate of 544,000, according to last week’s report from the Census Bureau. Compared to a year ago, this was 9.9 percent higher than December 2014’s rate of 495,000. This was the highest rate … (0 comments)
employment greenville sc: Economic News in Review Greenville SC - Jan 26, 2016
- 01/26/16 07:17 AM
Economic News in Review Greenville SC Here is last week’s Economic News in Review Greenville SC. Existing home sales bounced back while new home construction fell off, and lay-offs took an unexpected jump. Existing Home Sales Sales of existing homes enjoyed a rebound in December, with completed transactions of single-family homes, townhomes, condominiums and co-ops, growing a solid 14.7 percent to hit an annual rate of 5.46 million for the month, the National Association of Realtors reported last week. December’s existing home sales were 7.7 percent higher than a year ago, and capped off the best year of existing home sales since 2006. “While the carryover of … (1 comments)
employment greenville sc: Economic News in Review Greenville SC - Jan 20, 2016
- 01/20/16 02:48 AM
Economic News in Review Greenville SC Here is last week’s Economic News in Review Greenville SC. Retail sales ended a lack-luster year for growth, while overall producer prices notched down (but “core” prices gained), and lay-offs increased. Retail Sales Retail and food service sales had a down month in December, according to figures released last week by the Census Bureau. December’s receipts fell 0.1 percent to $448.1 billion. Compared annually, this was 2.2 percent higher than December 2014. All in all, this was the smallest yearly gain in retail sales since 2009. Key areas of growth were furniture and home furnishings, which were up 0.9 percent; sporting … (0 comments)
employment greenville sc: Economic News in Review Greenville SC - Dec 29, 2015
- 12/29/15 06:40 AM
Economic News in Review Greenville SC Here is last week’s Economic News in Review Greenville SC. Sales of existing homes slumped, but new home sales grew. Meanwhile, lay-offs fell more than expected. Existing Home Sales Sales of existing homes in November dipped to their lowest volume since April 2014, according to data released last week by the National Association of Realtors. Total transactions of single-family homes, townhomes, condominiums and co-ops, dropped 10.5 percent to an annual rate of 4.76 million in November. Compared annually, November’s existing home sales were 3.8 percent lower than in November 2014, marking the first year-over-year decline since September 2014. The drop could … (1 comments)
The major news last week was that the Federal Reserve made history by raising interest rates for the first time since the beginning of the so-called Great Recession. Additionally, new housing construction got a shot in the arm, while consumer prices were flat and lay-offs saw a significant drop.
Interest Rates
The Federal Reserve ended seven years of near-zero interest rates, after announcing that its Open Market Committee voted to raise the target range for the federal funds rate by 0.25 percent to 0.5 percent, last week. The committee based … (0 comments)
Retail sales were up, but slightly off from expectations, while consumer credit and lay-offs succumbed to seasonal volatility, posting their biggest gain in five months.
Retail Sales Retail sales for November grew 0.2 percent to hit $448.1 billion, according to last week’s report from the Census Bureau. This was slightly off from market expectations of a 0.3 percent gain, but when compared annually, the month’s retail receipts were 1.4 percent higher than November 2014’s tally. Key drivers for November’s growth were clothing, grocery stores, sporting goods and hobby retailers, which all … (1 comments)
employment greenville sc: Economic News in Review Greenville SC - Dec 09, 2015
- 12/09/15 08:12 AM
Economic News in Review Greenville SC Here is last week’s Economic News in Review Greenville SC. Construction spending hit a welcome eight-year high, while monthly unemployment remained steady, and lay-offs saw a slight gain. Construction Spending Construction spending rose to its highest point in eight years as sales grew 1 percent in October to reach an annual rate of $1.1 trillion, the Census Bureau reported last week. Compared annually, this was 13 percent higher than October 2014’s pace of $979.6 billion. The increase was driven by both private and public construction. Looking at the private sector, spending on private construction grew 0.8 percent to an annual rate … (0 comments)
employment greenville sc: Economic News in Review Greenville SC - Nov 10, 2015
- 11/10/15 04:25 AM
Economic News in Review Greenville SC Here is last week’s Economic News in Review Greenville SC. The economy continued to add jobs, and the unemployment rate declined, but lay-offs saw a sizable jump. Meanwhile, consumer borrowing enjoyed larger-than-expected growth. Unemployment National employment grew by 271,000 jobs in October, which pushed the unemployment rate down to an even 5 percent, the Bureau of Labor Statistics reported last week. Key areas of job growth were in professional and business services, healthcare, retail trade, food services and construction. Over the past 12 months, the unemployment rate has dropped by 0.7 percent. “… This is good news about the trajectory of … (0 comments)
Retail sales were last week’s big newsmaker as cash register receipts grew, but not as much as economists had wanted. Meanwhile, energy pushed consumer prices down, and lay offs encouragingly dropped to a 42-year low.
Retail Sales
Retail sales grew, but not as large as analysts had expected. Retail and food services sales grew 0.1 percent in September to hit $447.7 billion, the Census Bureau reported last week. Economists had expected a 0.2 percent increase. Compared annually, last month’s performance was 2.4 percent higher than September 2014’s retail sales.
Consumer credit grew at a slower pace, but hit a historic high, while lay-offs tumbled and wholesale inventories grew slightly.
Consumer Credit
Consumer borrowing performance in August was a matter of perspective. On one hand, consumer borrowing saw slower-than-expected growth in August, rising by its slowest pace in six months. On the other hand, the total amount of borrowing in August still managed to set a record high. Altogether, consumer borrowing hit a historic new high of $3.47 trillion in August, which was 5.6 percent higher than July, according to … (0 comments)
employment greenville sc: Selling Your Home During the Holidays
- 10/09/15 02:58 AM
Selling Your Home During the Holidays Conventional wisdom used to be that trying to sell your home during the holiday season was a terrible idea. Real estate agents often counseled clients to take their homes off the market between Thanksgiving and New Year’s! Luckily, we know better now. By following a few basic guidelines, you could be ready for a holiday treat of your own: a house marked SOLD! Keep in Mind: There are definitely benefits to selling during the winter holiday season. You’re not alone — but there’s less company. Fewer people have their homes on the market this time of year, so … (0 comments)
Existing home sales dropped, but continued an overall upward trend, while new home sales hit a seven-year high, and layoffs saw a slight increase.
Existing Home Sales
Sales of existing homes broke a three-month growth streak by dipping in August, according to data released last week by the National Association of Realtors. Total transactions of single-family homes, townhomes, condos and co–ops, dropped 4.8 percent to an annual rate of 5.31 million in August from July’s pace of 5.58 million. That said, sales were still up 6.2 percent from last year, … (0 comments)
Consumer borrowing beat expectations to hit a new record, while layoffs declined, and producer prices were flat.
Consumer Credit
Consumer credit growth outpaced expectations, with total outstanding consumer borrowing growing 6.7 percent in July to hit a record $3.45 trillion, the Federal Reserve reported last week. This $19.1 billion increase over June outpaced analysts’ expectations of an $18 billion gain. Both types of credit, revolving and non-revolving debt, drove July’s better-than-expected gains. Revolving debt, such as credit cards increased by 5.7 percent to hit $914.6 billion. Non-revolving debt, such as student … (0 comments)
The unemployment rate hit a new low, while lay-offs increased, but remained in safe territory. Meanwhile construction spending enjoyed a solid uptick that continued this year’s upward trend.
Unemployment
The unemployment rate fell to a seven-year low of 5.1 percent in August, after the economy added 173,000 non-farm jobs during the month, the Bureau of Labor Statistics reported last week. The number of unemployed Americans is now down to 8 million.
Key growth sectors for new jobs were healthcare, social assistance and financial services. Categories that saw losses were manufacturing and … (0 comments)
Sales of new homes rebounded, as did consumers’ outlook on the economy, and lay-offs saw a decline.
New Home Sales
New home sales enjoyed a return to positive performance, with sales of new single-family homes in July hitting an annual rate of 507,000, according to last week’s joint report from the Census Bureau and the Department of Housing and Urban Development. This rebound was 5.4 percent over June’s performance and was 25.8 percent higher than July 2014’s performance. All told, July’s sales marked a seven-month high.
Real estate made headlines last week, with existing home sales and construction starts on new homes both hitting their highest pace since 2007, while lay-offs continued to stay at low enough levels to indicate a growing job market.
Existing Home Sales
The rate of existing home sales hit their fastest pace since February 2007, according to data released last week by the National Association of Realtors. Transactions of existing single-family homes, townhomes, condominiums and co-ops increased 2 percent to an annual rate of 5.59 million in July from a pace … (0 comments)
New job growth continued to keep unemployment in check, while incomes were up and lay-offs ticked up slightly.
Unemployment
The economy added 215,000 jobs in July, which kept the unemployment rate hovering at 5.3 percent, according to last week's report from the Bureau of Labor Statistics. Key areas of job growth were in the retail trade, healthcare, professional and technical services, and financial sectors.
Likewise, wages were up in July, with average hourly earnings for all private, non-farm employees rising to $24.99. Over the year, average hourly earnings have grown by … (0 comments)
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