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May’s trade deficit and wholesale inventories; June’s existing home sales

Last week’s major economic releases included the Bureau of Economic Analysis’s report on our International Trade for May , the May report on Wholesale Trade, Sales and Inventories from the Census Bureau, and the June report on existing home sales from the National Association of Realtors (NAR)…the week also saw the Consumer Credit Report for May from the Fed, which indicated that total non-real estate consumer debt outstanding was virtually unchanged in May, as non-revolving credit grew at a 1.6% rate to $3,810.3 billion, while revolving credit outstanding shrunk at a 4.7% rate to $1,344.2 billion… The most widely watched private report released last week was the June Services ISM Report On Business from the Institute for Supply Management, which saw their ISM Services index slip to 54.0% in June, down from a reading of 54.5% in May, indicating that a slightly smaller plurality of service industry purchasing managers reported improving conditions in various facets of their business...
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June’s jobs report; May’s construction spending, factory inventories, and JOLTS

Major agency economic reports released last week 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 two May reports that will input data into 2nd quarter GDP: the May report on Construction Spending and the Full Report on Manufacturers’ Shipments, Inventories and Orders for May , both from the Census Bureau…the week also saw the results from the last regional Fed manufacturing survey for June: the Dallas Fed’s Texas Manufacturing Outlook Survey , which also covers adjacent western Louisiana and southeastern New Mexico, reported its general business activity index slipped to 0.0 in June from +0.4 in May, with the zero and the near-zero readings indicating almost no change in manufacturing business activity from April, when a small plurality of Texas businesses had reported worsening business metrics than in March.. Privately issued reports released this week included the ADP ...
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1st Quarter GDP Revision, May’s Personal Income and Outlays, Durable Goods, and New Home Sales

The key economic releases last 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….in addition, this week the Bureau of Labor Statistics released the Regional and State Employment and Unemployment Summary for May , which breaks down the two employment surveys from the monthly national jobs report by state and region….while the text of that report provides a useful summary of this data, the serious statistical aggregation can be found in the tables linked at the end of the report, where one can find the civilian labor force data and the change in payrolls by industry for each of the 50 states, the Di...
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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 last 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.. The 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, an adjacent county in Connecticut, Puerto Rico and northern New Jersey, reported their headline general business conditions index fell to +5.7 June, down from +19 .6 in May, indicating that a significantly smaller plurality of that district’s manufacturers are experiencing business growth than were a month ago..…meanwhile, the Philadelphia Fed Manufacturing Survey , covering most of Pennsylvania, southern New Jersey, and Delaware, reported their broadest dif...
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