In the News
According to the Federal Reserve, monthly consumer credit debt rose $19.6 billion in May for a total credit debt level of $2.839 trillion. Revolving debt, which includes credit cards, increased $6.6 billion to $856.5 billion. Non-revolving debt, including loans for cars, rose $13 billion to $1.982 trillion.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending July 5 fell 4%. Purchase volume fell 3%. Refinancing applications decreased 4%.
Wholesalers decreased their inventories 0.5% to $500.9 billion in May. Sales at the wholesale level rose 1.6% to $424.6 billion in May. On a year-over-year basis, sales were 4.1% higher than May 2012. The seasonally adjusted wholesale inventories/sales ratio in May was 1.18.
Retail sales rose 3% for the week ending July 6, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 2.9%.
Import prices fell 0.2% in June, following a 0.7% decrease in May. On a year-over-year basis, import prices were up 0.2% in June. Export prices fell 0.1% in June, following a 0.5% decrease in May. Compared to a year ago, export prices were up 0.8% in June.
The producer price index, which tracks wholesale price inflation, rose 0.8% in June, following a 0.5% increase in May. On a year-over-year basis, wholesale prices were up 2.5% in June. Core prices — excluding food and fuel — rose 0.2% in June.
Initial claims for unemployment benefits for the week ending July 6 rose by 16,000 to 360,000. Continuing claims for the week ending June 29 rose by 24,000 to 2.977 million. The less volatile four-week average of claims for unemployment benefits was 351,750.
Upcoming on the economic calendar are reports on retail sales on July 15, the housing market index on July 16 and housing starts onJuly 17.