In the News
Non-manufacturing activity rose to 56 in July from 52.2 in June. A reading above 50 signals expansion. It was the 43rd straight month of expansion in the services sector.
The trade deficit decreased from $44.1 billion in May to $34.2 billion in June. It was the lowest trade gap in more than four years. Exports rose $4.1 billion to $191.2 billion. Imports decreased $5.8 billion to $225.4 billion.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending August 2 rose 0.2%. Purchase volume rose 1%. Refinancing applications were unchanged.
According to the Federal Reserve, monthly consumer credit debt rose $13.8 billion in June for a total credit debt level of $2.848 trillion. Revolving debt, which includes credit cards, decreased $2.7 billion to $853.6 billion. Non-revolving debt, including loans for cars, rose $16.5 billion to $1.994 trillion.
Wholesalers decreased their inventories 0.2% to $499.7 billion in June. Sales at the wholesale level rose 0.4% to $425.9 billion in June. On a year-over-year basis, sales were 5.6% higher than June 2012. The seasonally adjusted wholesale inventories/sales ratio in June was 1.17, the leanest reading since April 2012.
Retail sales rose 0.3% for the week ending August 3, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 2.5%.
Initial claims for unemployment benefits for the week ending August 3 rose by 5,000 to 333,000. Continuing claims for the week ending July 27 rose by 67,000 to 3.018 million. The less volatile four-week average of claims for unemployment benefits was 335,500.
Upcoming on the economic calendar are reports on retail sales onAugust 13, the housing market index on August 15 and housing starts on August 16.