Recap of this week’s U.S. economic news:
- Initial weekly jobless claims increased to 354k for the week ending June 15, the insured unemployment rate was unchanged at 2.3%.
- The unemployment rate increased in 4 states Y/Y in May.
- The consumer price index increased 0.1% in May and has grown 1.4% in the last 12 months.
- Housing starts in May were at a SAAR of 914k.
- Store sales continue to grow, but at a very slow pace. The leading indexes are now up 3.0% and 2.8% from a year ago.
- The Empire State manufacturing survey moved back into expansion in June with a reading of +7.84.
- The Philly Fed manufacturing survey also moved into expansion in June with a reading of +12.5, its highest since March 2012.
Economic schedule for the coming week:
- Chicago Fed National Activity Index will report data for May. In April, the CFNAI reading was -0.53.
- Dallas Fed manufacturing survey will report for June. In May, the index showed a contractionary reading of -10.5.
- Vehicle miles driven will be released for April. In March, miles driven were down 1.5% Y/Y.
- Durable goods orders will report for May. In April, new order for durable goods were up 3.4% Y/Y.
- Store sales for the week.
- FHFA House Price Index will report for April. In March, the FHFA HPI was up 7.2% Y/Y.
- S&P Case-Shiller House Price Index will report for April. In March, the index was up 10.9% Y/Y.
- Consumer confidence will report for May. In April, CC reading was 68.1, the highest reading in 5 years.
- New Home Sales will report for May. In April, sales were at a SAAR of 454k.
- Richmond Fed manufacturing survey will report for June. In May, the survey was in contraction with a reading of -2.
- The third estimate of GDP will be released for Q1 2013. The second estimate showed real GDP growth at a SAAR of 2.4%.
- Weekly initial jobless claims.
- Personal income and outlays will report for May. In April, real DPI increased 0.1% and was up 1.0% Y/Y, real PCE increased 0.1% and was up 2.1% Y/Y.
- Kansas City Fed manufacturing survey will be released for June. In May, the index moved into expansion for the first time in 8 months with a reading of +2.