• Real GDP increased at an annual rate of 2.1% in the second quarter of 2019, according to the “advance” estimate by the Bureau of Economic Analysis. In the first quarter, real GDP increased 3.1%.
  • Real final sales of domestic product (GDP less change in private inventories) increased 5.4% in the second quarter, in contrast to an increase of 3.7% in the first quarter.
  • The price index for gross domestic purchases increased 2.2% in the second quarter, compared with an increase of 0.8% in the previous quarter.
  • The personal consumption expenditures (PCE) price index increased 2.3%, compared with an increase of 0.4% in the previous quarter. Excluding food and energy prices, the PCE price index increased 1.8%, compared with an increase of 1.1%.
  • Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the first quarter of 2019, according to the U.S. Bureau of Economic Analysis. Real GDP by state growth in the first quarter ranged from 5.2% in West Virginia to 1.2% in Hawaii.
  • From September 2018 to December 2018, gross job gains from opening and expanding private-sector establishments were 7.7 million, an increase of 281,000 jobs from the previous quarter, according to the U.S. Bureau of Labor Statistics. Over this period, gross job losses from closing and contracting private-sector establishments were 6.9 million, a decrease of 506,000 jobs from the previous quarter. The difference between the number of gross job gains and the number of gross job losses yielded a net employment gain of 814,000 jobs in the private sector during the fourth quarter of 2018.
  • Labor productivity rose 1.6% in wholesale trade, 3.2% in retail trade, and 1.6% in food services and drinking places in 2018, according to the U.S. Bureau of Labor Statistics. Unit labor costs, which reflect the total labor costs required to produce a unit of output, rose in wholesale trade and food services and drinking places and were unchanged in retail trade.
  • Advance estimates of retail and food services sales increased 0.4% in June, the same increase as in the previous month. Sales were up 3.4% from a year ago.
  • Total manufacturing and trade sales were up 0.2% in May, and inventories were up 0.3% in May.
  • Total Industrial production held steady in June, following a 0.4% increase in the previous month. The index of industrial production in June was 1.3% above its year-ago level. The rate of capacity utilization for total industry was 77.9%, 1.9 percentage points below its 1972-2018 average, and 0.7 percentage point below its level in June 2018.
  • Finance and insurance, retail trade, and health care and social assistance were the leading contributors to the increase in U.S. economic growth in the firsquarter of 2019, according to the Bureau of Economic Analysis. 16 of 22 industry groups contributed to the overall 3.1% increase in real GDP in the first quarter. For the finance and insurance industry group, real value added increased 9.5% in the first quarter, after decreasing 6.2% in the fourth quarter. Retail trade increased 11.9% in the first quarter, after decreasing 2.5% in the fourth. Health care and social assistance increased 6.2%, after increasing 2.4%. This was the largest increase since the fourth quarter of 2008.
  • Median weekly earnings of the nation’s 117.6 million full-time wage and salary workers were $908 in the second quarter of 2019, according to the U.S. Bureau of Labor Statistics reported today. This was 3.7% higher than a year earlier, compared with a gain of 1.8% in the Consumer Price Index for All Urban Consumers (CPI-U) over the same period.
  • Unemployment rates were lower in June in 6 states and stable in 44 states and the District of Columbia, according to the U.S. Bureau of Labor Statistics reported today. Three states had jobless rate decreases from a year earlier and 47 states and the District had little or no change.
  • Nonfarm payroll employment increased in 4 states in June 2019 and was essentially unchanged in 46 states and the District of Columbia. Over the year, 28 states added nonfarm payroll jobs and 22 states and the District were essentially unchanged.
  • The import price index decreased 0.9% in June, after holding steady in the previous month. The export price index decreased 0.7%, following a 0.2% decrease in the previous month. The import price index decreased 2.0% from June 2018, while export prices decreased 1.6%.

 

  • The producer price index for final demand (headline index) increased 0.1% in June, the same increase as in the previous month.  The index for final demand less foods, energy, and trade held steady, after an increase of 0.4% in May. The producer price index for final demand increased 1.7% for the 12 months ended in June, and the index for final demand less foods, energy, and trade increased 2.1%.
  • The consumer price index increased 0.1% in June, the same increase as in the previous month. The core index increased 0.3%, following a 0.1% increase in the previous month. The consumer price index increased 1.6% for the 12-month period ending in June, while the core index rose 2.1%.
  • Real average hourly earnings for all employees increased 0.2% from May to June. This result stems from a 0.2% increase in average hourly earnings combined with a 0.1% increase in the consumer price index for all urban consumers.
  • The number of job openings was little changed at 7.3 million on the last business day of May, according to the U.S. Bureau of Labor Statistics. Hires decreased to 5.7 million, and separations edged down to 5.5 million.
  • The advance figure for initial claims for unemployment insurance decreased 13 thousand to 209 thousand in the week ending July 6. The 4-week moving average was 219.25 thousand, a decrease of 3.25 thousand from the previous week’s average. The advance number for seasonally adjusted insured unemployment (ongoing) during the week ending June 29 was 1,723 thousand, an increase of 27 thousand from the previous week’s revised level. The 4-week moving average was 1,694.75 thousand, an increase of 5.75 thousand from the previous week’s revised average.
  • Total non-farm payroll employment rose 224 thousand in June, following an increase of 72 thousand in the previous month, according to the U.S. Bureau of Labor Statistics. Private-sector payrolls increased by 191 thousand in May, while government employment increased by 33 thousand.
  • The unemployment rate edged up to 3.7% in June, from 3.6% in May.  The unemployment rate was 4.0% in June 2018.
  • The labor force participation rate edged up by 0.1 percentage point to 62.9% in June.
  • The average workweek for all employees on private nonfarm payrolls held steady at 34.4 hours in June.
  • In June, average hourly earnings of all employees on private nonfarm payrolls increased by 6 cents to $27.90. Over the past 12 months, average hourly earnings were up 3.1%.
  • The advance figure for initial claims for unemployment insurance decreased 8 thousand to 221 thousand in the week ending June 29. The 4-week moving average was 222.25 thousand, an increase of 0.5 thousand from the previous week’s average.
  • Unemployment rates were lower in May than a year earlier in 254 of the 389 metropolitan areas, higher in 94 areas, and unchanged in 41 areas, according to the U.S. Bureau of Labor Statistics. Nonfarm payroll employment increased over the year in 46 metropolitan areas, decreased in 2 areas, and was essentially unchanged in 341 areas.
  • In May, international trade deficit in goods and services was $55.5 billion, up $4.3 billion from April. May exports were $210.6 billion, $4.2 billion more than April exports. May imports were $266.2 billion, $8.5 billion more than April imports.
  • New orders for manufactured goods in May decreased 0.7%, following a 1.2% April decrease according to the U.S. Census Bureau.  Shipments increased 0.1%, following a 0.6% decrease in the previous month. The inventories‐to‐shipments ratio was 1.38, up from 1.37 in April.