Economic and Financial Highlights: July 24, 2014
Economic & Financial Highlights tracks data from a number of series. Below are the last seven days’ worth of charts, from newest to oldest, and analysis to provide context for the data. The “Search Charts” box at right allows you to search historical charts using various criteria.
Sticky CPI
Filed under: Inflation
Published on: July 23, 2014
The Atlanta Fed’s sticky-price consumer price index (CPI), a measure of price change for the components of the CPI that are relatively slow to change, held steady in June, rising 2.1 percent year-over-year. The three-month annual rate rose 2.7 percent in June, down slightly from its 2.8 percent increase in May. Sticky CPI has trended up since the beginning of the year, suggesting some inflationary pressure as sticky prices steadily approach prerecession levels.
Consumer Price Index
Filed under: Inflation
Published on: July 23, 2014
June’s consumer price index (CPI) release suggests that inflationary pressures were sustained. Headline CPI rose 0.3 percent month-over-month, down 0.1 percent from May’s 0.4 percent rise, yet the year-over-year inflation rate remained at 2.1 percent. The core measure, which excludes food and energy, also eased slightly with a 0.1 percent increase month over month, from 0.3 percent in May, bringing the year-over-year rate to 1.9 percent. The CPI for energy rose 1.6 percent in June, led by a 3.3 percent (month-over-month) jump in gasoline prices, which typically rise in the summer driving season. Food prices, which had been on the rise, edged only 0.1 percent higher (month over month). Elsewhere, drugs, tobacco, and apparel had sharp gains.
U.S. Construction Spending
Filed under: Real Estate
Published on: July 18, 2014
The annualized rate of total U.S. construction spending increased slightly from April to May. Modest improvement in nonresidential spending from the month-earlier level was somewhat offset by a slight softening in residential spending from the month-earlier level.
Unemployment Insurance Weekly Claims
Filed under: Employment
Published on: July 18, 2014
In the week ending July 12, the advance figure for seasonally adjusted initial claims for unemployment insurance fell to 302,000 from 305,000 the week prior. The four-week moving average, a less volatile gauge of underlying labor market conditions, was down to 309,000, the lowest number seen since the four-week period ending June 2, 2007. Claims have been relatively low and stable for the past eight weeks, averaging just under 311,000 and varying between 302,000 and 318,000.
U.S. Construction Spending
Filed under: Real Estate
Published on: July 18, 2014
Total U.S. construction spending increased 6.64 percent in May from its year-earlier level. Residential construction spending and nonresidential construction spending increased 7.02 percent and 6.41 percent, respectively, on a year-over-year basis.
Industrial Production
Filed under: Manufacturing
Published on: July 18, 2014
Industrial production (IP) rose 0.2 percent in June compared with May. Year over year, total IP was up 4.3 percent and increased at an annual rate of 5.5 percent in the second quarter of 2014. Manufacturing production edged up 0.1 percent compared with the previous month. It rose at an annual rate of 6.7 percent in the second quarter, notably faster than the 2.7 percent growth rate in 2013. Utility production continued to slide for the fifth consecutive month, falling 0.3 percent from May to June. Mining production offset the decrease in utilities, rising 0.8 percent for the month.
Retail Sales
Filed under: Consumption
Published on: July 18, 2014
Total retail sales rose 0.2 percent in June from May. Both April and May were revised upward. Stripping out auto, gas, and building materials, core retail rose a respectable 0.5 percent month over month. Year over year, core retail sales grew at a 4.2 percent pace in June.
Housing Starts
Filed under: Real Estate
Published on: July 18, 2014
The seasonally adjusted annual rate of housing starts declined again in June. Total starts decreased 9.3 percent from May to June. Single-family starts decreased 9.0 percent during the same period. On a year-over-year basis, total starts increased 7.5 percent, and single-family starts fell 4.3 percent.
Freddie Mac Primary Mortgage Market Survey
Filed under: Real Estate
Published on: July 18, 2014
The average rate for a 15-year fixed-rate mortgage (FRM) decreased from 3.24 percent a week earlier to 3.23 percent the week ending July 17. The average rate for a 30-year fixed-rate mortgage decreased from 4.15 percent to 4.13 percent during the same period.
Mortgage Loan Applications Volume Index
Filed under: Real Estate
Published on: July 18, 2014
Purchase mortgage applications dropped 7.6 percent the week ending July 11. Applications for mortgage loan refinancing declined 0.1 percent during the same period.
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