Current-Cast® Report

• Advance estimates of  retail and food services sales for August were up 0.2% from the previous month, and were up 4.7% from August 2012.
• Sales of merchant wholesalers in July were up 0.1%.
• Total manufacturing and trade sales for July were up 0.6%, while inventories were up 0.4%.
• The federal government budget ran a deficit of $147.9 billion in August. The cumulative budget  deficit for the first eleven months of fiscal year 2013 was $409.0 billion less than the deficit for the same period of the previous fiscal year.
• July consumer credit outstanding increased at an annual rate of 4.4%.
• The producer price index for finished goods (headline index) increased 0.3% in August, while the core index held steady. The producer price index for finished goods increased 1.4% from August 2012.
• The import price index held steady in August, while the export price index decreased 0.5%. The import price index decreased 0.4% from August 2012, while the price index for exports decreased 1.1%.
• The advance figure for initial claims for unemployment insurance decreased 31 thousand to 292 thousand in the week ending September 7th.
• The results of Freddie Mac’s Primary Mortgage Market Survey of September 12th showed average fixed mortgage rates relatively unchanged from the previous week.
• The Thomson Reuters/University of Michigan Index of Consumer Sentiment, preliminary, for September decreased to 76.8, the lowest reading since April.

• Total non-farm payroll employment rose 169 thousand in August, following an increase of 104 thousand in the previous month.  The unemployment rate decreased to 7.3% in August.
• The average workweek of all employees on private nonfarm payrolls increased 0.1 to 34.5 hours. Average hourly earnings increased by 5 cents.
• The advance figure for initial claims for unemployment insurance decreased 9 thousand to 323 thousand in the week ending August 31st.
• Second quarter productivity increased 2.3% (seasonally adjusted annual rate) in the non-farm business sector, following a 1.7% decrease in the previous period.
• Sales of domestic cars increased 0.3% in August,  while total light vehicle sales increased 1.8%. Total vehicle sales were 16.0 million units in August, at a seasonally adjusted annual rate, compared to 14.4 million in August of 2012.
• New orders for manufactured goods decreased 2.4% in July, while shipments increased 1.1%.
• In July, international trade deficit increased $4.6 billion to $39.1 billion.
• Construction spending increased 0.6% in July, following a less than 0.1% decrease in the previous month.  Private construction increased 0.9%,  while public construction decreased 0.3%. July construction put in place was 5.2% above such construction in July 2012.
• The results of Freddie Mac’s Primary Mortgage Market Survey of September 5th showed average fixed mortgage rates moving back up near their highs for the year.
• Mortgage applications increased 1.3% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending August 30th.
• The Institute for Supply Management’s (ISM) manufacturing survey indicated that the manufacturing sector expanded in August for the third consecutive month, and the overall economy grew for  the 51st consecutive month.
• In August, the Institute for Supply Management’s  (ISM) non-manufacturing survey results indicated growth in the non-manufacturing business activity for the 44th consecutive month.
• The FED’s “Beige Book” indicated that overall economic activity continued to expand at a modest to moderate pace during the reporting period of early July through late August.

• Real GDP  increased at an annual rate of 2.5% in the second quarter of 2013,  according to the “second” estimate released by the Bureau of Economic Analysis, after increasing at 1.1% in the previous quarter. In the advance estimate, released a month ago, the increase in real GDP was 1.7%.
• The price index for gross domestic purchases increased 0.3% in the second quarter, compared to an increase of 1.2% in the previous quarter.
• Corporate profits from current production increased $78.3 billion in the first quarter, after a decrease of $26.6 billion in the previous quarter.
• Personal income increased 0.1% in July. Disposable personal income increased 0.2%, while personal consumption expenditures increased 0.1%.
• The price index for personal consumption expenditures increased 0.1% in July. The price index (headline index) was up 1.4% from July 2012, while the core index was up 1.2%.
• New orders for manufactured durable goods decreased 7.3% in July, while shipments decreased 0.3%.
• The S & P/Case-Shiller National U.S. Home Price Index posted annual increases of 11.9% and 12.1% in the 12 months ending in June, for the 10-city and 20-city composite indices, respectively.
• The Pending Home Sales Index decreased 1.3% in July, according to the National Association of Realtors.
• The results of Freddie Mac’s Primary Mortgage Market Survey of August 29th showed average fixed mortgage rates moving lower from the previous week.
• Mortgage applications decreased 2.5% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending August 23rd.
• The advance figure for initial claims for  unemployment insurance decreased 6 thousand to 331 thousand in the week ending August 24th.
• The Conference Board’s consumer confidence index, which had declined in July, increased slightly in August.
• The Thomson Reuters/University of Michigan Index of Consumer Sentiment retreated in August.

• July existing home  sales increased 6.5% to an annualized rate of 5,390 thousand units. The  July figure was 17.2% above the July 2012 figure. The median sales price of existing houses sold was $213.5 thousand, 13.7% above July 2012.
• July new home sales decreased 13.4% to an annualized rate of 394 thousand units. The July figure was 6.8% above the July 2012 figure. The median sales price of new houses sold was $257.2 thousand, 8.3% above July 2012.
• U.S. House prices rose  0.7% on a seasonally adjusted basis from May to June, following a 0.8% increase in the previous period, according to the Federal Housing Finance Agency’s (FHFA) monthly House Price Index. For the 12 months ending in June, U.S. house prices rose 7.7%.
• The results of Freddie Mac’s Primary Mortgage Market Survey of August 22nd showed average fixed mortgage rates reaching new highs for the year.
• Mortgage applications decreased 4.6% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending August 16th.
• The advance figure for initial claims for unemployment insurance increased 13 thousand to 336 thousand in the week ending August 17th.
• Regional and state unemployment rates were little changed in July.
• The Conference Board index of leading economic indicators increased 0.6% in July, after recording no gain in the previous month. The coincident index increased 0.2% in July, following a 0.1% increase as in the previous month.

• Advance estimates of retail and food services sales for July were up 0.2% from the previous month, and were up 5.4% from July 2012.
• Total manufacturing and trade sales for June were up 0.2%, while inventories were up less than 0.1%.
• Total Industrial production held steady in July, after increasing 0.2% in the previous month.
• Second quarter productivity increased 0.9% (seasonally adjusted annual rate) in the non-farm business sector, following a 1.7% decrease in the previous period.
• The advance figure for initial claims for unemployment insurance decreased 15 thousand to 320 thousand in the week ending August 10th.
• Real average hourly earnings for all employees decreased 0.2% from June to July.
• The federal government budget ran a deficit of $97.6 billion in July. The cumulative budget deficit for the first ten months of fiscal year was $366.4 billion less than the deficit for the same period of the previous fiscal year.
• Treasury International Capital reported net foreign purchases of long-term securities of $5.5 billion in June.
• Housing starts increased 5.9% in July, following a 7.9% decrease in the previous month.
• The housing market index of National Association of Home Builders (NAHB) and Wells Fargo increased 3 points to 59 in August. This was the highest level since November of 2005.
• The results of Freddie Mac’s Primary Mortgage Market Survey of August 15th showed average fixed mortgage rates largely unchanged from the previous week.
• Mortgage applications decreased 4.7% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending August 9.
• The consumer price index (headline index) and the core index both increased 0.2% in July. The consumer price index increased 2.0% for the 12-month period ending in July, while the core index rose 1.7%.
• The producer price index for finished goods held steady in July, while the core index increased 0.1%. The producer price index for finished goods increased 2.1% from July 2012 to July 2013.
• The import price index increased 0.2% in July, while the export price index decreased 0.1%. The import price index increased 1.0% from July 2012, while the price index for overall exports increased 0.4%.
• The August 2013 Empire State Manufacturing Survey indicated that the conditions for New York manufacturers improved modestly for a third consecutive month.
• The Philadelphia FED business outlook survey for August reported increased manufacturing activity.
• The Thomson Reuters/University of Michigan Index of Consumer Sentiment, preliminary, for August decreased to 80.0, the lowest reading since April.

• Sales of domestic cars increased 0.1% in July, while total light vehicle (cars and light trucks) sales decreased 0.6% in July. Total vehicle sales were 15.731 million units in July, at a seasonally adjusted annual rate, compared to 14.162 million in July of 2012.
• Sales of merchant wholesalers in June were up 0.4%, while inventories were down 0.2%.
• In June, international trade deficit was $34.2 billion, $9.9 billion less than the revised May figure.
• The advance figure for initial claims for unemployment insurance increased 5 thousand to 333 thousand in the week ending August 3rd.
• The results of Freddie Mac’s Primary Mortgage Market Survey of August 8th showed average fixed mortgage rates changing little.
• Mortgage applications increased 0.2% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending August 2.

• Real GDP increased at an annual rate of 1.7% in the second quarter of 2013, after increasing at 1.1% in the previous quarter. The price index for gross domestic purchases increased 0.3% in the second quarter, compared to an increase of 1.2% in the previous quarter.
• Personal income increased 0.3%, in June, while personal consumption expenditures increased 0.5%. The price index for personal consumption expenditures increased 0.4% in June.
• Total non-farm payroll employment rose 162 thousand in July, following an increase of 188 thousand in the previous month.   Private-sector payrolls increased by 161 thousand in the month, while government employment increased by a thousand.
• The unemployment rate decreased to 7.4% in July, from 7.6% in June.
• The average workweek of all employees on private nonfarm payrolls decreased 0.1 to 34.4 hours.
• Average hourly earnings of all employees on private nonfarm payrolls decreased by 2 cents.
• The advance figure for initial claims for unemployment insurance decreased 19 thousand to 326 thousand in the week ending July 27th.
• The Employment Cost Index for total compensation rose 0.5% for the 3-month period ending June 2013.
• Sales of domestic cars increased 4.3% in June, while total light vehicle sales increased 2.6%. Total vehicle sales were 15.812 million units in June, at a seasonally adjusted annual rate, compared to 14.325 million in June of 2012.
• New orders for manufactured goods increased 1.5% in June, while shipments decreased 0.4%.
• Construction spending decreased 0.6% in June. Private construction decreased 0.4%, while public construction decreased 1.1%.
• The S & P/Case-Shiller National U.S. Home Price Index posted annual increases of 11.8% and 12.2% in the 12 months ending in May, for the 10-city and 20-city composite indices, respectively. As of May 2013, both composite indexes were back to their spring 2004 levels, and were about 24-25% below their June/July 2006 peaks.
• The Pending Home Sales Index, a leading indicator for the housing sector, decreased 0.4% in June,
• The results of Freddie Mac’s Primary Mortgage Market Survey of August 1st showed average fixed mortgage rates increasing while still remaining relatively low.
• Mortgage applications decreased 3.7% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending July 26th.
• The Conference Board’s consumer confidence index, which had improved in June, pulled back slightly in July.
• The Institute for Supply Management’s (ISM) manufacturing survey indicated that the manufacturing sector expanded in July for the second consecutive month, and the overall economy grew for the 50th consecutive month.
• In July, the Institute for Supply Management’s (ISM) non-manufacturing survey results indicated growth for the 43rd consecutive month.
• The Federal Open Market Committee decided to keep its target for the federal funds rate at 0 to 0.25%.

• New orders for manufactured durable goods increased 4.2% in June, while shipments held steady.
• June existing home sales were down 1.2% from the previous month, but were up 15.3% from June 2012. The median sales price of existing houses sold was $214.2 thousand,  13.5% above June 2012.
• June new home sales were up 8.3% from the previous month, and were up 38.1% from June 2012 figure. The median sales price of new houses sold was $249.7 thousand,  7.4% above June 2012.
• U.S. House prices rose 0.7% on a seasonally adjusted basis from April to May, according to the Federal Housing Finance Agency’s (FHFA) monthly House Price Index. For the 12 months ending in May, U.S. prices rose 7.3%.
• The results of Freddie Mac’s Primary Mortgage Market Survey of July 25th showed average fixed mortgage rates easing for the second consecutive week.
• Mortgage applications decreased 1.2% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending July 19th.
• The advance figure for initial claims for unemployment insurance increased 7 thousand to 343 thousand in the week ending July 20th.
• The Thomson Reuters/University of Michigan Index of Consumer Sentiment climbed to its highest level in six years.

• Advance estimates of retail and food services sales for June were up 0.4% from the previous month, and were up 5.7% from June 2012.

• Total manufacturing and trade sales for May were up 1.1% from April, while inventories were up 0.1%.

• Total Industrial production rose 0.3% in June, after holding steady in the previous month. The rate of capacity utilization for total industry was 77.8%.

• Housing starts decreased 9.9% in June, following an 8.9% increase in the previous month. Building permits in June were 911 thousand units, down 7.5% from May, but were up 16.1% from June 2012.

• The housing market index of National Association of Home Builders (NAHB) and Wells Fargo increased 6 points to 57 in July.

• The results of Freddie Mac’s Primary Mortgage Market Survey of July 18th showed average fixed mortgage rates easing along with market concerns over the Federal Reserve’s bond purchase program.

• Mortgage applications decreased 2.6% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending July 12th.

• The consumer price index (headline index) increased 0.5% in June, while the core index increased 0.2%. The consumer price index increased 1.8% for the 12-month period ending in June, while the core index rose 1.6%.

• The advance figure for initial claims for unemployment insurance decreased 24 thousand to 334 thousand in the week ending July 13th.

• Real average hourly earnings for all employees were unchanged from May to June.

• Median weekly earnings of the nation’s 104.2 million full-time wage and salary workers were up 0.6% from a year earlier.

• Regional and state unemployment rates were little changed in June.

• The July 2013 Empire State Manufacturing Survey indicated that the conditions for New York manufacturers continued to improve modestly.

• The Philadelphia FED business outlook survey for July reported increased manufacturing activity.

• The Conference Board index of leading economic indicators held steady) in June, while the coincident index increased 0.2%.

• The FED’s “Beige Book” indicated that overall economic activity continued to increase at a modest to moderate pace since the previous report.

• Sales of merchant wholesalers in May were up 1.6% from April, while inventories were down 0.5%.
• May consumer credit outstanding increased at an annual rate of 8.3%. Revolving credits increased at an annual rate of 9.3%, while non-revolving credits increased 7.9%.
• The producer price index for finished goods (headline index) increased 0.8% in June, while the core index increased 0.2%. The producer price index for finished goods increased 2.5% from June 2012 to June 2013.
• The import price index decreased 0.2% in June, while export prices decreased 0.1%. The import price index increased 0.2% from June 2012, while export prices increased 0.8%.
• The advance figure for initial claims for unemployment insurance increased 16 thousand to 360 thousand in the week ending July 6th.
• The results of Freddie Mac’s Primary Mortgage Market Survey of July 11th showed average fixed mortgage rates continuing to trend higher.
• Mortgage applications decreased 4.0% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending July 10th.
• The Thomson Reuters/University of Michigan Index of Consumer Sentiment, preliminary, decreased  slightly in early July.