Recap of this week’s U.S. economic events:

1. The second estimate of GDP growth in Q2 was +2.5% from the advance estimate of +1.7%.
2. Real disposable personal income and expenditures were little changed in July.
3. The Chicago PMI increased to 53.0 indicating economic expansion at a faster pace.
4. Consumer confidence increased slightly to a reading of 81.5.
5. The final reading of consumer sentiment in August was a decrease to 82.1.
6. The Case-Shiller house price index was up 12.1% year over year in June.
7. New orders for durable goods fell 7.3% in July.
8. The Dallas Fed manufacturing survey increased to a reading of +5.0.
9. Richmond Fed manufacturing also increased moving to +14 and into expansion.
10. Vehicle miles driven on all roads and streets decreased 0.4% Y/Y in June.
11. Initial jobless claims for the week decreased to a seasonally adjusted 331k. The insured unemployment rate was unchanged at 2.3%.
12. The M2 money supply decreased 0.17% week over week.
13. 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%.

Via: floatingpath.com