In the News
Manufacturing activity rose to 50.9 in June after a reading of 49 in May. A reading above 50 signals expansion.
Total construction spending rose 0.5% to $874.9 billion in May, following a 0.1% increase in April. Compared to May 2012, construction spending has risen 5.4%.
Motor vehicle sales rose 4.6% in June to an annualized sales rate of 16 million cars and light trucks, a new recovery high. Compared to June 2012, motor vehicle sales have increased 9%.
Retail sales rose 0.6% for the week ending June 29, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 1.9%.
Factory orders rose $9.9 billion, or 2.1%, in May to a seasonally adjusted $485 billion. This follows a 1.3% increase in April. Excluding the volatile transportation sector, orders increased 0.6% in May.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending June 28 fell 11.7%. Purchase volume fell 3%. Refinancing applications decreased 16%.
The trade deficit increased from $40.1 billion in April to $45 billion in May. Exports fell $0.5 billion to $187.1 billion. Imports increased $4.4 billion to $232.1 billion.
Initial claims for unemployment benefits for the week ending June 29 fell by 5,000 to 343,000. Continuing claims for the week ending June 22 fell by 54,000 to 2.933 million, a new recovery low. The less volatile four-week average of claims for unemployment benefits was 345,500. The unemployment rate held steady at 7.6% in June. Employers added 195,000 jobs in June.
Upcoming on the economic calendar are reports on wholesale trade on July 10 and consumer sentiment on July 12.