Recap of the week’s U.S. economic events:
- GDP growth in the second quarter was revised slightly downward to 2.48%.
- The Chicago Fed’s National Activity Index moved to an above-historical-trend reading of +0.14 in August.
- Real disposable personal income increased 0.3% and real personal consumption expenditures increased 0.2% in August.
- New home sales were a seasonally adjusted annual rate of 421k in August, an increase from July but still historically low.
- The Case-Shiller house price index increased 1.8% in July.
- The FHFA house price index increased 1.0% in July.
- New orders for durable goods increased 0.1% in August.
- Consumer confidence decreased in September to 79.7, its lowest reading since May.
- Consumer sentiment also declined in September to 77.5, its lowest reading since April.
- The total number of vehicle miles driven on all roads and streets were up 1.6% Y/Y in July.
- The Richmond Fed manufacturing survey decreased to a reading of 0.0 in September.
- The Kansas City Fed manufacturing survey decreased in September but stayed in expansion at a reading of +2.
- Initial jobless claims for the week were a seasonally adjusted 305k, quite the positive reading. The insured unemployment rate ticked up to 2.2% but remains below the 2.3% from several week ago.
- M2 supply increased 0.04% week over week.
- Store sales for the week were little changed.
Further U.S. economy reading:
- If Appointed, Yellen Would Be The Oldest Fed Chair In History
- The FOMC’s New Voting Members For 2014
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Schedule for the week ahead:
Monday, September 30, 2013
Tuesday, October 1, 2013
- ISM Manufacturing survey – Last at 55.7.
- Construction Spending – Last up 6.4% Y/Y.
- Motor Vehicle Sales – Last up 11.4% Y/Y.
- Weekly Store Sales
Wednesday, October 2, 2013
- ADP Employment – Last +176k payrolls.
Thursday, October 3, 2013
- ISM Non-Manufacturing survey – Last at 58.6.
- Factory Orders – Last up 1.9% Y/Y.
- Weekly Initial Jobless Claims
- Weekly Money Supply
Friday, October 4, 2013
- Employment Situation – Last +169k nonfarm payrolls, U-3 at 7.3%.