There were $442.0 billion of retail and food services sales in June (after adjustment for seasonal variation and holiday and trading-day differences but not for price changes), according to the U.S. Census Bureau. This level represented a decrease of 0.3 percent from the previous month, but an increase of 1.4 percent from June of last
As part of an effort to assist Congress in addressing challenges related to delays in raising the debt limit, the Government Accountability Office has released its study on the effect of the 2013 debt limit impasse. Through interviews of budget and policy experts, along with an interactive web forum, the GAO identified three potential approaches
ABA President and CEO Frank Keating appeared on CNBC’s “Squawk on the Street” program on Friday to discuss the Fed’s rate hike timing and the global economic situation.
Citing improved labor market conditions, growing consumer spending and reduced “drag” from government fiscal policies, Federal Reserve Chairman Janet Yellen said today that she expects it will be appropriate to begin the process of raising the federal funds rate “later this year.”
Delinquencies in closed-end loans and bank cards edged down in the first quarter, driven by large declines in home loan-related delinquencies, according to the ABA Consumer Credit Delinquency Bulletin that was released today.
Consumer credit increased at a seasonally adjusted annual rate (SAAR) of 5.7 percent in May to $3.40 trillion.
Though several members agreed that the U.S. economy is moving towards their objectives, the Federal Open Market Committee (FOMC) in June concluded that conditions did not yet warrant an increase in the federal funds rate.
The U.S. international trade deficit widened in May to $41.9 billion, up $1.2 billion from April. The increase reflects a $1.5 billion decrease in exports and $0.3 billion decrease in imports.
The Non-Manufacturing ISM Report on Business Index was 56 in June, 0.3 points higher than in May. (Index readings above 50 indicate expansion.) This was the 65th consecutive month of growth.
New orders for manufactured goods fell 0.1 percent in May to $470.5 billion, the Commerce Department said today. The decline followed a 0.7 percent rise the month before. Shipments were down 0.1 percent, landing at $482.1 billion. Inventories were $649.7 billion, virtually unchanged.