Producer prices rose 0.4 percent in May, seasonally adjusted, after rising 0.2 percent in April, according to the U.S. Bureau of Labor Statistics. The majority of May’s increase was attributable to an increase in prices for final demand goods. Over the past 12 months, producer prices fell 0.1 percent. Prices for final demand goods moved
The NFIB Small Business Optimism Index increased 0.2 points in May, rising to 93.8. Four of the ten components posted gains on the month, while four declined. The entire gain in the index was due to a 5 point increase in Expected Business Conditions which remains 9 points below its year ago level. Labor market
There were $455.6 billion of retail and food service sales in May (after adjustment for seasonal variation and holiday and trading-day differences, but not for price changes), up 0.5 percent from the previous month and 2.5 percent from a year earlier, according to the U.S. Census Bureau. Core retail sales – excluding automobiles and parts
Household net worth rose in the first quarter of 2016 to $88.1 trillion, a 1.0% increase from the previous quarter and a 2.4% increase from a year ago. Household holdings of nonfinancial assets increased during the first quarter, growing 1.8%. The majority of this increase came from real estate holdings, which increased by $498.4 billion.
In testimony before a House Small Business Committee panel today, banking industry leaders offered examples of the harmful effects of excessive regulation on America’s hometown banks, including those serving rural communities.
Consumer credit increased at a seasonally adjusted annual rate of 4.5 percent in April, down from a 9.6 percent increase in March. Total outstanding credit rose $13.4 billion during the month (compared to $28.4 billion in March) to $3.60 trillion. Revolving credit rose at an annual rate of 2.1 percent ($1.6 billion) to $951.5 billion,
Despite disappointing figures for first-quarter GDP growth and May job creation, Federal Reserve Chairman Janet Yellen said today that she believes the remainder of the year will see continued progress toward the Fed’s monetary policy goals and that “further gradual increases in the federal funds rate are likely to be appropriate.”
Only a bank can serve as the financial bedrock for vibrant communities, U.S. Bancorp Chairman and CEO Richard Davis wrote in a Wall Street Journal essay yesterday.
The U.S. economy will continue to expand through 2017 after a sluggish start to 2016, with growth in 2016 forecast to reach 1.9 percent and growth in 2017 projected at 2.1 percent, the ABA Economic Advisory Committee said today.
New orders for manufactured goods increased 1.9 percent to $460.5 billion in April, following a 1.7 percent March increase, according to the U.S. Census Bureau. This was the third increase in the last four months. New orders for manufactured durable goods increased 3.4 percent to $236.2 billion, following a 2.0 percent March increase. Orders for