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Last Week in the News
The Institute for Supply Management reported that the monthly composite index of non-manufacturing activity fell to 53.8 in June from 55.4 in May. A reading above 50 signals expansion. It was the sixth consecutive month of growth. Economists had anticipated a reading of 55. The index hit a high of 67.7 in January 2004.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending July 2 increased 6.7%. Refinancing applications rose 9.2%. Purchase volume fell 2%.
According to the ICSC-Goldman Sachs index, retail sales rose 1% for the week ending July 3. On a year-over-year basis, retailers saw sales increase 3.9%.
According to the Federal Reserve, consumer credit debt fell in May by $9.1 billion. Figures for April were revised from an initial reading of a $1 billion gain to a $14.9 billion contraction. Revolving debt, which includes credit cards, fell by $7.3 billion. Non-revolving debt, including loans for cars, fell by $1.8 billion.
Wholesalers increased their inventories by 0.5% in May, following a revised 0.2% rise in April. Sales at the wholesale level fell 0.3% in May, ending 13 consecutive monthly gains.
Initial claims for unemployment benefits fell by 21,000 to 454,000 for the week ending July 3. Continuing claims for the week ending June 26 fell by 224,000 to 4.41 million, the lowest level since November 2008. It is estimated the economy lost 8.4 million jobs during the recession that began in December 2007, the biggest employment slump since the Depression of the 1930s.
Upcoming on the economic calendar are reports on retail sales on July 14, industrial production on July 15 and consumer inflation on July 16.
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