Your Economic Update For The Week of May 20, 2013

In the News

Retail sales rose 0.1% to $419 billion in April. This follows a 0.5% decrease in March. Compared to April 2012, retail sales have increased 3.7%.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending May 10 fell 7.3%. Refinancing applications decreased 8%. Purchase volume fell 4%.

The producer price index, which tracks wholesale price inflation, fell 0.7% in April, following a 0.6% decrease in March. On a year-over-year basis, wholesale prices were up 0.6% in April. Core prices — excluding food and fuel — rose 0.1% in April.

Industrial production at the nation’s factories, mines and utilities fell 0.5% in April after a 0.3% increase in March. Compared to April 2012, industrial production has increased 1.9%. Capacity utilization fell to 77.8% in April from 78.3% in March.

The National Association of Home Builders/Wells Fargo monthly housing market index rose three points in May to 44. An index reading below 50 indicates negative sentiment about the housing market.

Consumer prices fell 0.4% in April, following a 0.2% decrease in March. Compared to April 2012, consumer prices have risen 1.1%. Consumer prices at the core rate — excluding volatile food and energy prices — were up 0.1% in April.

The combined construction of new single-family homes and apartments in April fell 16.5% to a seasonally adjusted annual rate of 853,000 units. Single-family starts decreased 2.1%. Volatile multifamily starts fell 38.9%. Compared to the previous year, housing starts were up 13.1% in April. Applications for new building permits, seen as an indicator of future activity, rose 14.3% to an annual rate of 1,017,000 units.

Initial claims for unemployment benefits for the week ending May 11 rose by 32,000 to 360,000. Continuing claims for the week ending May 4 fell by 4,000 to 3.009 million. The less volatile four-week average of claims for unemployment benefits was 339,250.

Upcoming on the economic calendar are reports on existing home sales on May 22 and new home sales on May 23.

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s