U.S. Economic Developments

Existing Home Sales Decline for Third Consecutive Month

09/20/17: The National Association of Realtors (“NAR”) reported this morning that sales of previously-owned U.S. homes – existing home sales – declined for the third consecutive month during August. Specifically, the NAR...

New U.S. Housing Starts Decline for Second Consecutive Month

09/19/17: Data released today by the U.S. Department of Commerce indicate that initial construction on new, privately-owned U.S. homes – new housing starts – declined for the second consecutive month during August after peaking...

Initial Claims for Unemployment Benefits Rise Sharply

09/14/17: Data released today by the U.S. Department of Labor indicate that initial claims for unemployment benefits rose over the past two weeks to the highest level since the week ended April 18, 2015. On a four-week moving...

U.S. Non-Manufacturing Sector Rebounds Modestly during August

09/06/17: The Institute of Supply Management (“ISM”) reported today that its August survey of executives at U.S. non-manufacturing companies indicates that economic activity in the services sector of the U.S. economy rebounded...

Employment Situation Improves, Job Creation Declines

09/01/17: Data released today by the U.S. Department of Labor indicate that U.S. employers created a fewer number of jobs for the second consecutive month during August. Specifically, the Department of Labor reported that U.S....

U.S. Durable Goods Orders Fall Sharply during July

08/25/17: The U.S. Department of Commerce reported today that new orders for durable goods manufactured at U.S. factories fell sharply during July after rising sharply during June. Specifically, the Department of Commerce...

Existing Home Sales Decline for Second Consecutive Month

08/24/17: The National Association of Realtors reported today that sales of previously-owned U.S. homes – existing home sales – declined for the second consecutive month during July, falling by 1.3%, as compared to the prior...

U.S. Retail Sales Rise at Fastest Rate since January

08/15/17: The U.S. Department of Commerce reported today that sales at U.S. retail stores rose during July at the fastest year-over-year rate since January, increasing by 2.5%, as compared to the same month a year ago. Excluding...

ISM Non-Manufacturing Index Declines Sharply during July

Economic Activity Slows in U.S. Non-Manufacturing Sector 8/03/17: The Institute of Supply Management reported today that its July survey of executives at U.S. non-manufacturing companies indicates that economic activity in that...

Latest Economic Statistics Indicate U.S. Economy is Weakening

08/01/17: The latest readings on some key economic indicators for the United States suggest that the country’s economy is weakening and that its pace of economic growth will slow over the next couple of months. For example, the...

Chicago Business Barometer Declines Sharply during July

07/31/17: MNI Indicators reported today that its Chicago Business Barometer™, which is based on surveys of purchasing managers at Chicago-are manufacturing companies and designed to predict future changes in the United States’...

New Orders for Durable Goods Increase during June

07/2717: The U.S. Department of Commerce reported today that new orders for U.S. durable goods, such as home appliances, furniture and office equipment, rose sharply during June, after declining during each of the two prior...

Americans’ Economic Sentiment Improves during July

07/25/17: The Conference Board reported today that its Consumer Confidence Index, which is based on a monthly survey of Americans’ assessment of current economic conditions and their expectations for the direction of the U.S....

New Housing Starts Rebound during June

07/19/17: The U.S. Department of Commerce reported today that initial work on the construction of new single-family U.S. homes – new housing starts – rebounded modestly during June after declining during each of the three prior...

U.S. Housing Market Showing Signs of Further Weakening

07/18/17: Data released today by the National Association of Home Builders (“NAHB”) indicate that the U.S. housing market will continue to weaken over the next couple of months, with the NAHB reporting that its housing market...

New York Area Manufacturing Activity Slows Substantially

07/17/17: Data released today by the Federal Reserve Bank of New York regarding its mid-July survey of manufacturing executives in the tri-state area of New York, Connecticut and northern New Jersey indicate that manufacturing...

U.S. Inflation Rates Continue to Decline during June

07/13/17: Data released today by the U.S. Department of Labor indicate that producer prices for broad groupings of U.S. goods rose at a slower rate over the past few months. Specifically, the Labor Department reported that the...

Mortgage Applications Decline Sharply as Mortgage Rates Rise

07/12/17: The Mortgage Bankers Association reported today that applications for home mortgages fell sharply during the week ended July 9, declining by 7.4%, as compared to the prior month. Separately, BankRate.com reported that...

U.S. Job Openings Fall Sharply

07/11/17: The U.S. Department of Labor reported today that job openings at U.S. employers fell sharply during May, the latest month for which data are available, declining by 301,000, as compared to the prior month. That...

U.S. Employers Create 222,000 New Jobs during June

07/07/17: The U.S. Department of Labor reported today that, on a seasonally-adjusted basis, U.S. employers created 222,000 new non-farm jobs during June. That’s the largest number of newly-created jobs since February. Although...

U.S. Private-Sector Jobs Rise by Only 158,000 during June

07/06/17: ADP, LLC, a global provider of payroll services, reported today that U.S. private-sector employers created only 158,000 new jobs during June. Meanwhile, the U.S. Department of Labor reported that initial claims for...

Personal Spending Slows for Second Consecutive Month

06/30/17: Data released today by the U.S. Department of Commerce indicate that personal spending in the United States slowed for the second consecutive month during May. Specifically, the Commerce Department reported that, on an...

U.S. Economy Grew at Faster Pace than Estimated Previously

06/29/17: The U.S. Department of Commerce reported today that the U.S. economy grew at a slightly faster pace during the first quarter of this year than it had estimated previously. Specifically, the Department of Commerce...

Pending Home Sales Decline for Third Consecutive Month

The U.S. economy is continuing to show signs of weakening, with the National Association of Realtors reporting today that its Pending Home Sales Index, which is based on the number of contracts signed by prospective homebuyers...

Consumer Confidence Rebounds Modestly during June

The Conference Board reported today that its Consumer Confidence Index, which is designed to reflect Americans’ sentiment regarding their personal income, employment prospects and outlook for the U.S. economy six months into the...

U.S. New Home Sales Rise Very Modestly during May

06/23/17: Data released today by the U.S. Department of Commerce indicate that, on a seasonally-adjusted basis, sales of newly-constructed U.S. homes – new home sales – rose very modestly during May after declining sharply...

Latest Readings on U.S. Leading Economic Indicators Mixed

06/22/17: The Conference Board reported today that its index of leading economic indicators for the United States rose for the ninth consecutive month during May, suggesting that the U.S. economy is continuing to expand during...

Existing Home Sales Rebound Modestly during May

06/21/17: The National Association of Realtors (“NAR”) reported today that sales of previously-owned U.S. homes – existing home sales – rose modestly during May after declining during the prior month. Specifically, the NAR...

U.S. Installment Debt Slows Considerably during April

06/07/17: In yet another sign that the U.S. economy is likely continuing to expand at a slow pace during the quarter ending June 30, 2017, the Federal Reserve reported today that the rate of increase in U.S. installment debt...

U.S. Factory Orders Unchanged during April

06/05/17: The U.S. Department of Commerce reported today that new orders for goods produced by U.S. factories were essentially unchanged during April, the latest month for which data are available, declining by 0.2%, as compared to the prior month.

U.S. Non-farm Employment Increases by Only 138,000 during May

06/02/17: The U.S. Department of Labor reported this morning that, on a seasonally-adjusted basis, only 138,000 new jobs were created in non-farm sectors of the U.S. economy during May, causing the three-month average of newly-created jobs to decline for the third consecutive month; (see the chart to the right).

Private-Sector Employment Improves during May, Leading Economic Indicators Worsen

06/01/17: ADP, LLC, a global provider of payroll services, reported today that private-sector employers in the United States created 253,000 jobs during May after creating only 174,000 new jobs during April. In contrast to that positive employment report, the U.S. Department of Labor reported that initial claims for unemployment benefits rose last week to the highest level since the week ended April 23, 2017, indicating that that a fewer number of jobs might be created during June.

U.S. Existing Home Sales Decline during April

05/24/17: In another sign that economic activity in the U.S. housing market is slowing, the National Association of Realtors (“NAR”) reported this morning that sales of previously-owned homes in the United States – existing home sales – declined during April.

Mortgage Applications Decline Sharply

05/17/17: The Mortgage Bankers Association announced at 7:00 am this morning that applications for home mortgages in the United States declined by 4.1% during the week ended May 12, representing the biggest weekly decline in mortgage applications since November 25, 2016.

U.S. Housing Starts Decline for Second Consecutive Month

05/16/17: Data released today by the U.S. Department of Commerce indicate that initial work on the construction of new, privately-owned homes in the United States – new housing starts – declined for the second consecutive month during April.

New York Fed Manufacturing Index Declines for Third Consecutive Month

05/15/17: The Federal Reserve Bank of New York reported this morning that its Empire State Manufacturing Index, which is based on surveys of purchasing managers at manufacturing companies in New York, northern New Jersey and Connecticut, declined for the third consecutive month over the past two weeks, indicating that manufacturing activity in that region of the United States is slowing.

Federal Reserve Maintains Target Fed Funds Rate at a Range of 0.75%-1.00% as Economic Growth Slows

05/03/17: The Federal Reserve announced today that its Federal Open Market Committee (“FOMC”) – the committee that determines the Fed’s monetary policy – decided to maintain its target range for the Fed’s overnight lending rate, the Federal Funds Rate, at a range of 0.75%-1.00%, as the United States’ pace of economic growth slowed substantially for the quarter ended March 31, 2017.

U.S. Economic Growth Slows Substantially during First Quarter of 2017

04/28/17: The U.S. Department of Commerce reported today that economic growth in the United States slowed substantially during the first quarter of this year, with the country’s gross domestic product (“GDP”) rising by only 0.7%, on an inflation- and seasonally-adjusted annualized basis, as compared to the prior quarter.

U.S. Durable Goods Orders Rise for Third Consecutive Month

04/27/17: Data released today by the U.S. Department of Commerce indicate that new orders for U.S. durable goods, such as household appliances, electronic entertainment devices and office equipment, rose for the third consecutive month during March.

Existing Home Sales Rise to Highest Level since January 2007

04/21/17: The National Association of Realtors reported today that sales of previously-owned homes in the United States – existing home sales – rose during March to the highest level since January 2007, increasing by 4.4%, as compared to the prior month, and by 5.9%, as compared to the same month a year ago.

Manufacturing Activity Expands for the Ninth Consecutive Month in the Philadelphia Area

04/20/17: The Federal Reserve Bank of Philadelphia reported this morning that its latest survey of purchasing managers at manufacturing plants in Pennsylvania, southern New Jersey and Delaware indicates that manufacturing activity in that area rose for the ninth consecutive month over the past few weeks after increasing during February at the fastest pace in more than 33 years and continuing to increase at a fast pace during March.

Manufacturing Activity in New York Area Slows but Continues to Rise

04/17/17: The Federal Reserve Bank of New York reported today that its Empire State Manufacturing Index, which is based on surveys of purchasing managers at manufacturing companies in New York, northern New Jersey and Connecticut, declined for the second consecutive month over the past two weeks, indicating that the pace of increases in manufacturing activity slowed over the past several weeks.

U.S. Retail Sales Rebound during March, Business Inventories Rise

04/14/17: Data released today by the U.S. Department of Commerce and the Department of Labor indicate that, on a seasonally- and inflation-adjusted basis, sales at U.S. retail stores rebounded during March after declining during the prior month. Specifically, that data indicate that retail sales rose by 0.1% during March, as compared to the month of April.

Consumer Sentiment Rises, Unemployment Claims Move Lower

04/13/17: The University of Michigan reported today that its latest survey of Americans regarding their personal finances and employment prospects, as well as their overall sentiment regarding the U.S. economy, rose during the first two weeks of April and remained near the highest level since January 2004. The University reported that Americans expectations regarding the future direction of the economy also improved during the first half of April.

U.S. Economy Creates Only 98,000 New Jobs During March

04/07/17: Date released today  by the U.S. Department of Labor indicate that only 98,000 new non-farm jobs were created in the United States, on a seasonally-adjusted basis, during March. That’s the fewest number of newly-created jobs since May 2016.

U.S. Economy Creates 263,000 Private-Sector Jobs during March

04/05/17: ADP, LLC, a global provider of payroll services, reported today that the U.S. economy created 263,000 private-sector jobs, on a seasonally-adjusted basis, during March. That’s the third consecutive month that the economy has created more than 240,000 new private-sector jobs and it’s considerably more than the 175,000 new jobs that Wall Street economists were, on average, forecasting.

Orders for U.S. Factory Goods Rise to Highest Level since November 2014

04/04/17: The U.S. Department of Commerce reported today that new orders for goods produced in U.S. factories rose during February, the latest month for which data are available, to the highest level since November 2014 and at the fastest year-over-year rate since July 2014.

ISM Manufacturing Index Rises for Seventh Consecutive Month

04/03/17: The Institute of Supply Management (“ISM”) reported today that its March survey of executives at U.S. manufacturing companies indicates that manufacturing activity in the United States rose during for the seventh consecutive month during March.

Pending Home Sales Rise Sharply during February

03/29/17: The National Association of Realtors (“NAR”) reported today that the number of contracts signed by prospective home-buyers to purchase a home within the next two months – pending home sales – rose sharply during February, and to the highest level since April 2016, as mortgage rates declined.

New Homes Sales Rise for Second Consecutive Month

03/23/17: The U.S. Department of Commerce reported today that sales of newly-constructed homes in the United States – new home sales – rose for the second consecutive month during February.

Existing Home Sales Decline during February

03/22/17: The National Association of Realtors (“NAR”) reported today that sales of previously-owned homes in the United States – existing home sales – declined during February after increasing during five of the six prior months.

Index of Leading Economic Indicators Rises for Sixth Consecutive Month

03/17/17: The Conference Board announced today that its index of leading economic indicators for the United States rose for the sixth consecutive month during February and to the highest level in over a decade, suggesting that the U.S. economy will continue to expand for the quarter ending March 31, 2017.

U.S. Economy Creates 235,000 Non-farm Jobs during February

03/10/17: The U.S. Department of Labor reported today that 235,000 non-farm jobs were created in the United States, on a seasonally-adjusted basis, during February. That’s the second consecutive month that non-farm payrolls have risen by more than 230,000 and substantially more than Wall Street analysts had estimated.

New Private-Sector Jobs Rise to Highest Level since April 2014

03/08/17: ADP, LLC, a global provider of payroll services, reported today that the U.S. economy created the largest number of new private-sector jobs since April 2014, led by gains in construction and professional/business services jobs.

U.S. Factory Orders Increase at Fastest Pace since April 2014

03/06/17: Data released today by the U.S. Department of Commerce indicate that new orders for goods produced at U.S. factories increased during January, the latest month for which data are available, at the fastest pace since April 2014, rising by 3.8%, as compared to the same month a year ago.

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