U.S. Federal government is still shutdown, so backlogged economic releases are starting to pile up. Even without those reports though it was still a very eventful economic week.
A recap of this week’s U.S. economic events:
- President Obama nominated Janet Yellen to be the next Chair of the U.S. Federal Reserve.
- The minutes from the FOMC’s September 17-18 meeting were released. Attitudes were little changed.
- Total consumer credit outstanding increased at an annual rate of 5.4% in August.
- Initial jobless claims for the week spiked to 374k due to the government shutdown. The insured unemployment rate was 2.2%.
- New indicator: Now tracking the NFCI, which suggested that financial conditions are tighter than they were a week ago.
- The preliminary reading of consumer sentiment in October declined to 75.2.
- National gas prices declined to $3.37 per gallon in September.
- Stores sales weakened during the government shutdown.
- M2 increased 0.47% from a week ago.
Further U.S. economy reading this week:
- Puerto Rico Has Fed’s Attention As It May Lose Access To Credit Markets
- The Printing Press Rolls On: The New $100 Bill
- Economists Agree U.S. Will Suffer Severe Economic Harm If It Defaults On Interest Payments
Economic releases that have been skipped over the last two weeks and will presumably be published sometime next week when the government gets it act together:
- Employment Situation – Last +169k nonfarm payrolls, U-3 at 7.3%.
- Construction Spending – Last up 6.4% Y/Y.
- Factory Orders – Last up 1.9% Y/Y.
- International Trade – Last monthly trade deficit at $39.1 billion.
- Producer Price Index – Last at +1.4% Y.Y.
- Retail Sales – Last up 4.7% Y/Y.
- Business Inventories – Last inventories-to-sales at 1.28.
- Supplemental Nutrition Assistance Program / Food Stamps – Last SNAP-to-Employed at 33.2%.
- Treasury Statement – Last 12 month budget deficit at $680.1 billion.
All U.S. leading economic indicators, where they currently stand, what their trend has been, and how their current status relates to the historical movement in that indicator.
Schedule for the week ahead, assuming the government is active:
Monday, October 14, 2013
Tuesday, October 15, 2013
- Empire State Manufacturing Survey – Last at +6.29.
- Weekly Store Sales
Wednesday, October 16, 2013
- Consumer Price Index – Last +1.5% Y/Y.
- Beige Book
- Weekly National Financial Conditions Index
Thursday, October 17, 2013
- Housing Starts – Last at 891k SAAR.
- Industrial Production – Last up 2.5% Y/Y.
- Philly Fed Manufacturing Survey – Last at +22.3.
- Weekly Initial Jobless Claims
- Weekly Money Supply
Friday, October 18, 2013