• State personal income grew 34.2% on average in the second quarter of 2020, after increasing 4.1% in the first quarter, according to the Bureau of Economic Analysis. The percent change in personal income ranged from 15.3% in the District of Columbia to 76.3% in Massachusetts.
  • New orders for manufactured durable goods in August increased $1.0 billion or 0.4% to $232.8 billion, according to the U.S. Census Bureau. This increase, up four consecutive months, followed an 11.7% July increase. Excluding transportation, new orders increased 0.4%. Excluding defense, new orders increased 0.7%. Machinery, also up four consecutive months, led the increase by 1.5%.
  • Shipments of manufactured durable goods in August, down following three consecutive monthly increases, decreased 0.3% to $244.1 billion. This followed a 7.6% July increase. Transportation equipment, also down following three consecutive monthly increases, drove the decrease, with 1.7%.
  • Inventories of manufactured durable goods in August, down three consecutive months, decreased 0.1% to $420.5 billion. This followed a 0.8% July decrease. Machinery, down seven of the last eight months, led the decrease by 0.6%
  • Sales of new single-family houses in August 2020 were at a seasonally adjusted annual rate of 1,011 thousand, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4.8% above the revised July rate of 965 thousand and is 43.2% above the August 2019 estimate. The median sales price of new houses sold in August 2020 was $312.8 thousand. The average sales price was $369 thousand. The seasonally adjusted estimate of new houses for sale at the end of August (inventory) was 282 thousand. This represents a supply of 3.3 months at the current sales rate.
  • The median number of years that wage and salary workers had been with their current employer was 4.1 years in January 2020, little changed from 4.2 years in January 2018, according to the U.S. Bureau of Labor Statistics.
  • Advance estimates of retail and food services sales for August were up 0.6% from the previous month, and were up 2.6% from a year ago, according to the U.S. Census Bureau. Excluding motor vehicle & parts, retail sales were up 0.7% from the previous month and were up 2.1% from a year ago. Year-to-date, retail sales were down 1.8% from the first eight months of 2019.
  • Total manufacturing and trade sales for July increased 3.2% from June, following an 8.6% increase in the previous month, according to the U.S. Census Bureau. Inventories increased 0.1%, following a 1.1% decrease in the previous month. The total business inventories/sales ratio was 1.33 in July, compared with 1.39 a year ago.
  • Housing starts in August were down 5.1% from the previous month but were up 2.8% from a year ago. Building permits were down 0.9% from the previous month and were down 0.1% from August 2019.
  • The current account deficit increased to $170.5 billion in the second quarter, from $111.5 billion in the first quarter, according to the U.S. Bureau of Economic Analysis. This is the largest deficit recorded since the third quarter of 2008 when it was $178.2 billion. The deficit increased to 3.5% of current-dollar gross domestic product (GDP) from 2.1% in the first quarter.
  • The net worth of households and nonprofits rose to $119.0 trillion at the end of second quarter of 2020, compared with $111.3 trillion at the end of the first quarter, and $114.0 trillion at the end of second quarter of 2019.
  • Domestic nonfinancial debt expanded at a seasonally adjusted annual rate of 25.3% in the second quarter of 2020, compared with an annual rate of 10.6% in the previous quarter.
  • Domestic nonfinancial debt outstanding was $59.3 trillion at the end of the second quarter of 2020, of which household debt was $16.1 trillion, nonfinancial business debt was $17.6 trillion, and total government debt was $25.6 trillion.
  • Unemployment rates were lower in August in 41 states, higher in 2 states, and stable in 7 states and the District of Columbia, according to the U.S. Bureau of Labor Statistics. All fifty states and the District of Columbia had jobless rate increases from a year earlier. Nonfarm payroll employment increased in 40 states in August 2020 and was essentially unchanged in 10 states and the District of Columbia. Over the year, nonfarm payroll employment decreased in 49 states and the District of Columbia and was essentially unchanged in 1 state.

 

  • The producer price index for total final demand increased 0.3% in August, following a 0.6% increase in the previous month, according to the U.S. Bureau of Labor Statistics.  The index for final demand less foods, energy and trade increased 0.3%, the same increase as in the previous month. The producer price index for final demand decreased 0.2% from August 2019 to August 2020, while the index for final demand less foods, energy and trade increased 0.3%.
  • Import prices increased 0.9% in August, according to the U.S. Bureau of Labor Statistics, following a 1.2% increase in the previous month. Prices for imports decreased 1.4% from August 2019. The price index for exports increased 0.5% in August, after a 0.9% increase in the previous month. Prices for exports decreased 2.8% over the past year.
  • Both the headline and the core consumer price index increased 0.4% in August, following a 0.6% increase as in the previous month. The consumer price index increased 1.3% for the 12-month period ending in August, while the core index rose 1.7%.
  • Real average hourly earnings for all employees were unchanged from July to August. This result stems from 0.4% increase in average hourly earnings offset by a 0.4% increase in the consumer price index for all urban consumers.

 

  • Total non-farm payroll employment rose by 1,371 thousand in August, following an increase of 1,734 thousand in the previous month, according to the U.S. Bureau of Labor Statistics. Private-sector payrolls increased by 1,027 thousand, while government employment increased by 344 thousand. In August, an increase in government employment largely reflected temporary hiring for the 2020 Census. Notable job gains also occurred in retail trade, in professional and business services, in leisure and hospitality, and in education and health services.
  • The unemployment rate decreased to 8.4% in August, from 10.2% in July. The unemployment rate was 3.7% in August 2019.
  • The number of unemployed decreased by 2,788 thousand to 13.550 million. The number of long-term unemployed (those jobless for 27 weeks or more) increased by 123 thousand to 1.624 million.
  • The labor force participation rate increased by 0.3 percentage point to 61.7% in August.
  • The average workweek of all employees on private nonfarm payrolls increased by 0.1 hours to 34.6 hours.
  • In August, average hourly earnings of all employees on private nonfarm payrolls increased by 11 cents to $29.47. Over the past 12 months, average hourly earnings were up 4.7%.