Recap of this week’s U.S. economic events:
- 169k nonfarm payrolls were added in August, the unemployment rate decreased to 7.3%, and much, much more.
- ADP saw 176k new private payrolls added in August.
- The Beige Book published by the Federal Reserve indicated that economic growth has been “modest to moderate“.
- The monthly international trade deficit increased to $39.1 billion in July.
- The PMI of the ISM manufacturing survey expanded to 55.7 in August.
- The NMI of the ISM non-manufacturing survey expanded to 58.6 in August.
- Construction spending increased 0.6% in July.
- Labor productivity increased at an annual rate of 2.3% in Q2. Unit labor costs were flat.
- Factory orders decreased 2.4% in July.
- The national average gasoline price in August was $3.61 per gallon.
- Motor vehicle sales increased to a SAAR of 16.09 million in August.
- Initial jobless claims for the week decreased to 323k. The insured unemployment rate was unchanged at 2.3%.
- The M2 money supply increased 0.34% W/W and is now up 6.6% Y/Y.
- Weekly store sales indexes diverged this week, are now up 2.1% Y/Y and up 3.9% Y/Y (4 week MA’s).
Further U.S. economy reading:
- The Thought Processes Of Larry Summers
- U.S. Worker Anxiety Still Near Great Recession Levels
- SNAP Benefits Increasingly Going To The Suburbs
Schedule for the week ahead:
Monday, September 9, 2013
- Consumer Credit – Last up 5.1% Y/Y.
Tuesday, September 10, 2013
- Weekly Store Sales
Wednesday, September 11, 2013
Thursday, September 12, 2013
- Treasury Statement – Last 12 mo rolling budget deficit at $722.7 billion.
- Weekly Initial Jobless Claims
- Weekly Money Supply
Friday, September 13, 2013
- Producer Price Index – Last up 2.1% Y/Y.
- Retail Sales – Last up 5.2% Y/Y.
- Business Inventories – Last inventories-to-sales at 1.29.
- Consumer Sentiment – Last at 82.1.