New filings for jobless benefits last week rose by 3.8% to 244,000 while producer inflation rose by a surprisingly strong 1.1% in June. … READ MORE >
Chart of the day: Service sector grows at slowest pace in two years
The ISM service index inched down to 55.3 in June, the slowest level of growth in more than two years since May 2020, when it was at 45.2. … READ MORE >
Job openings show signs of a slowdown
Job openings declined for the second straight month in May as the Federal Reserve’s rate hikes slowed down overall demand. … READ MORE >
Inflation outpaces consumer spending for the first time this year
Personal spending declined on an inflation-adjusted basis in May as spikes in gasoline and food prices depressed consumer sentiment and dampened spending on other discretionary items. … READ MORE >
New home sales rise unexpectedly despite higher mortgage rates
The increase was driven by more supply coming online, pushing prices down for the first time since February. … READ MORE >
Initial jobless claims remain above pre-pandemic level
New claims inched down by only 0.9% last week, to 229,000, from an upwardly revised 231,000 in the prior week. The pre-pandemic level in 2019 was 218,000. … READ MORE >
The American housing deficit and what it takes to close it
At the end of last year, the U.S. was about 3.5 million homes short of the number required to maintain a stable market. … READ MORE >
Chart of the day: Industrial production hits a record amid signs of a slowdown
Industrial production in the United States hit a record in May, but signs of a coming economic slowdown emerged in the report released by the Federal Reserve on Friday. … READ MORE >
Chart of the day: U.S. housing starts and permits plunge
Housing starts fell by 14.4% to 1.549 million on an annualized basis in May, the lowest point in more than a year. … READ MORE >
Initial jobless claims exceed pre-pandemic level for second straight week
There were 229,000 new jobless claims for the week ending June 11, down slightly from an upwardly revised 232,000 in the prior week. … READ MORE >