Dees Stribling
Economy Watch: Existing Home Sales, Leading Economic Index Drop; Unemployment Rises
Existing home sales took a dip in June, while the Leading Economic Index declined 0.3 percent and unemployment spiked.
Economy Watch: Bernanke Downbeat, Unclear on Stimulus; CPI Flat, but HMI Up
The chairman of the Federal Reserve was on Capitol Hill on Tuesday, testifying as part of his “Semiannual Monetary Policy Report to the Congress,” and his assessment of the economy, at least for the short term, wasn’t particularly cheerful. Likewise, the Bureau of Labor Statistics reported that the Consumer Price Index was unchanged in June. But the National Association of Homebuilders’ Housing Market Index for July was up six points to 35.
Economy Watch: Shoppers Not Shopping Quite as Much This Summer; HARP Refis Hit Record High; NY Fed Reports Modest Expansion
U.S. retail sales dropped 0.5 percent in June compared with May, but were up by 3.8 percent year-over-year, according to the Census Bureau on Monday.
Economy Watch: Consumer Sentiment Dips; Wholesale Prices Barely Budge
The preliminary Reuters/University of Michigan consumer sentiment index for July slipped to 72–the lowest reading of 2012. The Producer Price Index for finished goods increased 0.1 percent last month after rising 1 percent in May.
Economy Watch: Weekly Unemployment Drops, Less Homes Under Water, Worries from Overseas
Last week’s initial unemployment claims dipped, falling 26,000 to 350,000 for the week ending July 7. Other positive news showed that the number of homes with negative equity decreased from 4Q11 to 1Q12. Still, worries persist overseas with slowed growth in China and Moody’s cutting Italy’s long-term bond rating.
Economy Watch: No Clarity from Fed on QE3; U.S. Exports Rise
The Fed’s Open Market Committee offered few hints about whether it was prepared to prime the pump; U.S. exports rose from April to May, according to the Census Bureau. Investigations over LIBOR manipulation pick up steam.
Economy Watch: Job Openings Edge Up; Small Business Optimism, Vegas Home Sales Still Questionable
The Bureau of Labor Statistics’ JOLTS summary found the quits rate steady, while The National Federation of Independent Business’s index of Small Business Optimism dropped, and short sales in Vegas surpassed foreclosures.
Economy Watch: Tepid Job Growth in June, Bankruptcies Trending Down, Non-Manufacturing Index Drops
Job growth remained slow in June, with the unemployment rate staying stagnant at 8.2 percent. U.S. personal and commercial bankruptcies decreased in the first half of 2012, and the ISM non-manufacturing index dropped to 52.1 percent in June, down from 53.7 percent in May.
Economy Watch: Home Prices Up 2%, Construction Spending Increases 7%, Manufacturing Index Drops Below 50% Again
CoreLogic predicts that prices will continue to rise, perhaps by as much as 1.4 percent in June counting distressed properties, and 2 percent without them. On the construction front, private projects accounted for the entire increase, experiencing a 1.6 percent month-over-month uptick. Government construction spending dropped 0.4 percent compared with April.
Economy Watch: Euro Summit Gladdens Investors for Now; Foreclosures More Extreme at State Level
Word from the negotiating nabobs in Europe on Friday seemed to be positive, though as usual the details of the agreement remained a little elusive. CoreLogic reported a slight uptick in foreclosures at the federal level, but more significant changes–both positive and negative–among a number of states.