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May’s Wholesale Inventories, Consumer Credit, & Mortgage Monitor

There were just two agency economic reports released this past week, neither of which are very widely covered: the May report on Wholesale Trade, Sales and Inventories from the Census Bureau, and the Consumer Credit Report for May from the Fed….the latter indicated that non-real estate consumer debt outstanding grew by a seasonally adjusted $5.1 billion, or at a 1.2% annual rate, as non-revolving credit grew at a 2.8% rate to $3,748.9 billion, while revolving credit outstanding shrunk at a 6.3% rate to $1,345.1 billion… The major private report released last week was the Mortgage Monitor for July (covering May data) , which now comes from the Mortgage Technology unit of Intercontinental Exchange, Inc, after originating with Lender Processing Services and being published by Black Knight Financial Services for several years…what they now call the “ July Mortgage Monitor ” indicated that 3.20% of mortgages were delinquent in May, down from the 3.22% that were delinquent in April, but...
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June’s jobs report; May’s trade deficit, construction spending, factory inventories, and JOLTS

This week’s major agency issued economic releases included the Employment Situation Summary for June and the Job Openings and Labor Turnover Survey (JOLTS) for May, both from the Bureau of Labor Statistics, and three May reports that will input data into 2nd quarter GDP: the BEA’s report on our International Trade for May , and the May report on Construction Spending and the Full Report on Manufacturers’ Shipments, Inventories and Orders for May , both from the Census Bureau… Privately issued reports released this week included the ADP Employment Report for June , wherein the national payroll processor reported a 33,000 job decrease in May, the light vehicle sales report for June from Wards Automotive, which is the source data for the BEA report, and which estimated that vehicles sold at a 15.34 million seasonally adjusted annual rate in June, down from the 15.65 million annual sales rate in May, but up from the 15.29 million annual rate in June of 2024, and both of the widely fo...
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1st Quarter GDP Revision; May’s Personal Income and Outlays, Durable Goods, and New and Existing Home Sales

The key economic releases of the past week were the 3rd estimate of 1st quarter GDP from the Bureau of Economic Analysis and the May report on Personal Income and Spending , also from the BEA, which includes two months of 2nd quarter data on personal consumption expenditures and hence accounts for 47% of 2nd quarter GDP….the week’s other widely watched releases included the May advance report on durable goods , and the May report on new home sales , both from the Census bureau, the May report on existing home sales from the National Association of Realtors (NAR), and the S&P CoreLogic Case-Shiller home price indexes for April from S&P Global , price indices which are based on a 3-month average of February, March and April closing prices, and which reported that their national home price index was 2.7% higher than over the same three months of a year ago, when the Case Shiller Index indicated a 6.3% year over year price increase from April 2023…. in addition, this week the B...
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May’s retail sales, industrial production, and new home construction; April’s business inventories

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Widely watched reports released during the past week included the Retail Sales report for May and its companion the Business Sales and Inventories report for April , both from the Census Bureau; the May report on Industrial Production and Capacity Utilization from the Fed, and the May report on New Residential Construction also from the Census Bureau.. This week also saw the release of the first two Fed regional manufacturing reports for June: the Empire State Manufacturing Survey from the New York Fed, which covers all of New York state, one county in Connecticut, Puerto Rico and northern New Jersey, reported their headline general business conditions index fell to –16.0 June, from –9.2 in May, indicating that a larger plurality of that district’s manufacturers are experiencing a slowdown than were a month ago..…meanwhile, the Philadelphia Fed Manufacturing Survey , covering most of Pennsylvania, southern New Jersey, and Delaware, reported their broadest diffusion index of manuf...
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