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Q2 GDP revision; July’s income and outlays, durable goods, & new home sales

The key economic reports that were released last week were the 2nd estimate of 2nd quarter GDP and the July report on Personal Income and Spending , both from the Bureau of Economic Analysis…the week also saw the release of the July advance report on durable goods and the July report on new home sales both from the Census Bureau, the Case-Shiller house price indexes for June from S&P Case-Shiller, who reported that their national home price index, based on relative April, May and June home sales prices, was 1.5% higher than their home price index based on prices of the same homes that sold during the same three months of a year ago, and the Chicago Fed National Activity Index (CFNAI) for July , a weighted composite index of 85 different economic metrics, which decreased to –0.08 in July from a revised +0.06 in June, which had previously been reported at –0.02…as a result, the more often cited 3 month average of the CFNAI decreased to –0.04 in July from +0.01 in June, which, as ...
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July’s industrial production and new home construction

The most widely watched economic reports that were released last week were the July report on Industrial Production and Capacity Utilization from the Fed and the July report on New Residential Construction from the Census Bureau….in addition, on Friday the Bureau of Labor Statistics released the Regional and State Employment and Unemployment Report for July , a report which breaks down the two employment surveys from the monthly national jobs report by state and region….while the text of this report provides a useful summary of this data, the serious statistics 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 sector for each of the 50 states, the District of Columbia, Puerto Rico, and the Virgin Islands… The week also saw the release of the first two Fed regional manufacturing reports for August: the Empire State Manufacturing Survey from the New York Fed , which covers New York stat...
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July’s consumer and producer prices, retail sales, and existing home sales; June’s business inventories

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The major economic reports released last week were the July Consumer Price Index and the July Producer Price Index , and the June Import-Export Price Index , all from the Bureau of Labor Statistics, the Retail Sales Report for July and the concurrently released Business Sales and Inventories report for June , both from the Census bureau, and the Existing Home Sales Report for July from the National Association of Realtors (NAR)...in addition, this week also saw the Consumer Credit Report for June from the Fed, which reports on non-real estate consumer borrowing, and which indicated consumer credit outstanding grew by a seasonally adjusted $14.2 billion in June, or at a 3.3% annual rate, as non-revolving credit grew at a 2.3% rate to $3,815.8 billion, while revolving credit outstanding grew at a 6.0% rate to $1,351.1 billion…for the second quarter, consumer credit grew at a 2.6% annual rate, with revolving credit up at an 3.9% annual and non-revolving credit up at a 2.1% annual rate...
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July’s jobs report; June’s trade deficit, construction spending, factory inventories, wholesale trade, and JOLTS

Major economic reports released the past week included the Employment Situation Summary for July and the Job Openings and Labor Turnover Survey (JOLTS) for June , both from the Bureau of Labor Statistics, and four June reports that included metrics which were only estimated in last week’s release of 2nd quarter GDP: the Commerce Department’s report on our International Trade for June , the June report on Construction Spending (pdf), the Full Report on Manufacturers’ Shipments, Inventories and Orders for June , and the June report on Wholesale Trade, Sales and Inventories , all of which were from the Census Bureau… Privately issued reports included the ADP Employment Report for July , wherein the national payroll processor reported a 44,000 increase in private jobs in July, the light vehicle sales report for July from Wards Automotive, which is the source data for the BEA report, and which reported that vehicles sold at a 16.3 million annual rate in July, down the 16.4 million annual...
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