In Friday’s employment situation report we learned that 162k jobs were added in July. ADP estimated that the gain in payrolls was 200k. This was a weak reading, and the details of the report were even more negative. The average duration of unemployment increased to 36.6 weeks while average weekly earnings declined. The unemployment rate did fall to 7.4% on a falling labor force participation rate.
The advance estimate of GDP for the second quarter of 2013 showed an annual growth rate of 1.7%. This is slow growth and was made worse by the downward revision to Q1.
The release of the BLS employment cost index showed that government employment costs are starting to lag the private sector.
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Real disposable personal income decreased 0.1% in June. Real personal consumption expenditures increased but only 0.1%.
Consumer confidence decreased on weak expectations for the future to a reading of 80.3.
Initial jobless claims for the week fell to 326k, their lowest level since January 2008.
Store sales for the week were up 2.2% Y/Y and up 3.2% Y/Y (4 week MA).
- America’s 10 Worst Urban Centers
- Grading Fed Officials On Their Economic Forecasts
- The Breakdown Of Low-Wage Americans
The schedule for the U.S. economic week ahead:
Monday, August 5, 2013
Tuesday, August 6, 2013
- Weekly store sale
- International trade – Last monthly trade deficit at $45.0 billion.
Wednesday, August 7, 2013
- Consumer credit – Last at SAAR of 8.25%.
Thursday, August 8, 2013
- Weekly initial jobless claims
Friday, August 9, 2013