The central bank decided not to raise interest rates Wednesday at the end of its two-day meeting. The decision was in line with expectations after a brutal May jobs report.
"The pace of improvement in the labor market has slowed," the Fed said in a statement. "Although the unemployment rate has declined, job gains have diminished."
The Fed cut its forecast for U.S. economic growth in 2016 to 2%, down from 2.2% earlier. This is the second time this year that the Fed is reducing its expectations for U.S. economic growth. The Fed also slightly decreased its projection for economic growth in 2017.
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Wednesday, June 15, 2016
Federal Reserve votes to keep interest rates at current levels
Producer Price Index rose 0.4 percent in May but down 0.1 percent for previous 12 months
The Producer Price Index for final demand increased 0.4 percent in May, and rising 0.2 percent in April. The final demand index inched down 0.1 percent for the 12 months ended in May.
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Empire State Manufacturing Survey expands modestly in June
Empire State Manufacturing Survey indicates that business activity expanded modestly for New York manufacturers. Firms were more optimistic about the six-month outlook this month, and capital spending plans picked up.
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Industrial production dipped 0.4 percent in May from April and down 1.4 percent year-on-year
Industrial production decreased 0.4 percent in May after increasing 0.6 percent in April. At 103.6 percent of its 2012 average, total industrial production in May was 1.4 percent below its year-earlier level.
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Retail sales rose for second straight month in May
Retail sales increased 0.5 percent in May after surging by an unrevised 1.3 percent in April. The second straight month of gains boosted sales 2.5 percent from a year ago.
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Tuesday, June 14, 2016
Both sales and business inventories rose again in April
Business inventories increased 0.1 percent in April following a 0.3 percent gain in March. Total business sales rose 0.9 percent in April after a 0.2 percent sales increase in March. It was the best showing since a 1.1 percent sales advance in February.
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BuilderBytes' MetroIntelligence Economic Update for 6/14/16
Please click here to see the edition of BuilderBytes for 6/14/16 on the Web.
In this issue of the MetroIntelligence Economic Update, I covered the following indicator:
- Consumers less optimistic in preliminary June reading
Want to advertise in this three-times-per-week newsletter and reach over 130,000 readers? Contact the editor at nslevin@penpubinc.com.
Friday, June 10, 2016
Consumers less optimistic in preliminary June survey
Consumers were a bit less optimistic in early June due to increased concerns about future economic prospects. The strength recorded in early June was in personal finances, and the weaknesses were in expectations for continued growth in the national economy.
On the negative side of the ledger, consumers do not think the economy is as strong as it was last year nor do they anticipate the economy will enjoy the same financial health in the year ahead as they anticipated a year ago.
Overall, the data still indicate that real consumer expenditures can be expected to rise by 2.5% in 2016 and 2.7% in 2017.
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CoreLogic HPI shows April home prices up 6.2 percent year-on-year and 1.8 percent from March
Home prices nationwide, including distressed sales, increased year over year by 6.2 percent in April 2016 compared with April 2015 and increased month over month by 1.8 percent in April 2016 compared with March 2016, according to the CoreLogic HPI.
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April wholesale inventories recorded largest increase in 10 months
U.S. wholesale inventories recorded their largest increase in 10 months in April as stocks of machinery and farm products rose 0.6 percent.
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Mortgage applications jump 9.3 percent in latest survey as rates edge up slightly
The Market Composite Index increased 9.3 percent on a seasonally adjusted basis from one week earlier, with refinances rising 7 percent while purchase loans rose 12 percent. The average interest rate for 30-year fixed-rate mortgages fell slightly to 3.83 percent.
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Initial unemployment claims fall by 4,000 in latest report
In the week ending June 4, initial employment claims were 264,000, a decrease of 4,000 from the previous week's revised level. The 4-week moving average was 269,500, a decrease of 7,500 from the previous week's revised average.
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Thursday, June 9, 2016
Job openings rose in April while hires edged down, suggesting caution among employers
The number of job openings rose to 5.8 million on the last business day of April. Meanwhile, hires edged down to 5.1 million while separations were little changed at 5.0 million.
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Productivity fell 0.6 percent during first quarter of 2016 as costs rose 4.5 percent
Labor productivity decreased at a 0.6-percent annual rate during the first quarter of 2016 as output increased 0.9 percent and hours worked increased 1.5 percent. At the same time, unit labor costs rose 4.5 percent.
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Consumer credit growth slowed in April as consumers pull back on credit card use
Consumer credit growth slowed in April after reaching a 15-year high the previous month as consumers reined in credit-card usage, but still rose by $13.4 billion.
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