Recap of this week’s U.S. economic events:
- The second estimate of GDP growth in Q2 was +2.5% from the advance estimate of +1.7%.
- Real disposable personal income and expenditures were little changed in July.
- The Chicago PMI increased to 53.0 indicating economic expansion at a faster pace.
- Consumer confidence increased slightly to a reading of 81.5.
- The final reading of consumer sentiment in August was a decrease to 82.1.
- The Case-Shiller house price index was up 12.1% year over year in June.
- New orders for durable goods fell 7.3% in July.
- The Dallas Fed manufacturing survey increased to a reading of +5.0.
- Richmond Fed manufacturing also increased moving to +14 and into expansion.
- Vehicle miles driven on all roads and streets decreased 0.4% Y/Y in June.
- Initial jobless claims for the week decreased to a seasonally adjusted 331k. The insured unemployment rate was unchanged at 2.3%.
- The M2 money supply decreased 0.17% week over week.
- Weekly store sales were little changed and are up 2.3% Y/Y (4 week MA) and up 3.7% Y/Y (4 week MA).
Further U.S. economy reading:
- Government Looks To Ease Mortgage Lending Standards
- Long-term Unemployment Is A Vicious Cycle
- Economics In Plain English: What Is Money?
- When Will The Fed Taper?
Schedule for the week ahead:
Monday, September 2, 2013
- Labor Day – National Holiday
Tuesday, September 3, 2013
- ISM Manufacturing Survey – Last 55.4.
- Construction Spending – Last up 3.3% Y/Y.
- SNAP Data – Last SNAP-to-employed ratio at 33.1%.
- Gasoline Prices – Last $3.632 per gallon.
Wednesday, September 4, 2013
- International Trade – Last monthly trade deficit of $34.2 billion.
- Motor Vehicle Sales – Last SAAR of 15.67 million.
- Weekly Store Sales
Thursday, September 5, 2013
- Labor Productivity and Unit Labor Costs – Last flat Y/Y and up 1.6% Y/Y.
- ADP Employment – Last +200k jobs.
- ISM Non-Manufacturing Survey – Last at 56.0.
- Factory Orders – Last up 1.8% Y/Y.
- Weekly Initial Jobless Claims
- Weekly Money Supply Update
Friday, September 6, 2013
- Employment Situation – Last +162k jobs, unemployment rate at 7.4%.