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?
Barron’s Mailbag June 1962: Irving Kahn On False Comparisons
The following letter from Irving Kahn appeared in the June 25, 1962, issue of Barron’s. Irving Kahn wrote to Barron's criticising the publication’s comparison of the 1962 market crash to that of 1929. Irving Kahn points out that based on volume and trading data, the 1962 decline was a drop in the ocean compared to Read More
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%.