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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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2nd quarter GDP; June’s reports on income and outlays, and on durable goods

The key economic releases from last week were the 1st, or advance estimate of 2nd quarter GDP and the June report on Personal Income and Spending , and a June report that included metrics which were later included in the week’s release of 2nd quarter GDP: the June advance report on durable goods ….this week also saw the release of the S&P CoreLogic Case-Shiller home price indexes for May from S&P Global , which is based on a 3-month average of March, April and May home repeat sales closing prices, and which reported that their national home price index was 1.1% higher than their home price index over the same three months of a year ago, up from the 0.9% annual increase they reported for April, but down from the 2.3% annual increase they reported a year ago…. This week also saw the release of the last two regional Fed manufacturing survey for July: the Dallas Fed’s Texas Manufacturing Outlook Survey , which also covers adjacent western Louisiana and southeastern New Mexico, ind...
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June’s new home sales; unemployment claims at a 56+ year low

(the above is the synopsis that accompanied my regular sunday morning news links emailing, which in turn was mostly selected from my weekly blog post on the global glass onion…if you’d be interested in receiving my weekly emailing of selected links, most of which are chosen from the aforementioned GGO posts, contact me…) The only widely watched report released last week was the June report on new home sales from the Census bureau…. but the week also saw the release of the Chicago Fed National Activity Index (CFNAI) for June , a weighted composite index of 85 different economic metrics, which came in at to –0.02 in June, up from a downwardly revised –0.19 in May, in an index where any negative reading indicates economic activity has been below the historical trend…that left the more often cited three month average of the index at -0.05 in June, up from a revised -0.10 in May, indicating that national economic activity has continued to be slightly below the historical trend ov...
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June’s consumer and producer prices, retail sales, industrial production, & new housing starts; May’s business inventories

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Major reports that were released this week included the June Consumer Price Index , the June Producer Price Index , and the June Import-Export Price Index , all from the Bureau of Labor Statistics, and the Retail Sales Report for June , the June report on New Residential Construction and the Business Sales and Inventories Report for May , all from the Census Bureau, and the June report on Industrial Production and Capacity Utilization from the Fed… This week also saw the release of the first two Fed regional manufacturing reports for July: the Empire State Manufacturing Survey from the New York Fed, which covers New York state, southwestern Connecticut, northern New Jersey, reported their headline general business conditions index rose from +5.7 in June to +15.6 in July, indicating that a significantly larger plurality of Second District manufacturers saw improving business conditions during the month, while the Philadelphia Fed Manufacturing Outlook Survey , covering most of Pennsy...
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