Construction spending increased 0.1 percent in June to a seasonally adjusted annual rate (SAAR) of $1,064.6 billion. May spending was revised up from $1,035.8 to $1,063.5 billion. Construction spending during the first six months of 2015 amounted to $482.7 billion, 8 percent higher than the first six months of 2014. Total private construction fell to
Personal income increased $68.1 billion, or 0.4 percent, in June according to the Bureau of Economic Analysis, the same pace as the previous month. Personal consumption expenditures (PCE) increased $25.9 billion, or 0.2 percent, after increasing at a 0.7 percent rate in May. Disposable personal income – personal income less personal current taxes – increased
Consumer Confidence fell to 93.1 in July, down 3 points from the previous month according to the University of Michigan Consumer Sentiment index. The index is currently 11.3 points higher than in July of 2014. “A disappointing pace of economic growth was the main reason for the small decline in consumer confidence. Nonetheless, the data
Real GDP for the second quarter grew at an annual rate of 2.3 percent according to the Bureau of Economic Analysis’s advance estimate. The growth reflected acceleration in personal consumption expenditures and net exports, as well as increases in state and local government spending. Personal consumption was the largest positive contributor to GDP – contributing
In their post-meeting statement, The Federal Reserve Open Market Committee (FOMC) noted that economic activity expanded moderately in recent months, citing moderate growth in household spending as well as improvement in the housing sector. The FOMC also cited continued improvement in the labor market, noting that “underutilization of labor resources has diminished since early this
The 20-City Case-Shiller Composite gained 4.9 percent year-over-year in May, slightly lower than April’s gain. The 10-City Composite gained 4.7 percent from the previous year, slightly higher than the year-over-year gain in April. The National index recorded a 4.4 percent gain on an annual basis, compared to a 4.3 percent annual gain in April. On
New orders for manufactured durable goods increased 3.4 percent to $235.3 billion in June after declining for two consecutive months, according to the U.S. Census Bureau. The June increase followed a 2.1 percent May decrease. Excluding defense, new orders increased 3.8 percent. Non-defense new orders for capital goods grew 9.4 percent to $80.8 billion,
Sales of new single-family houses fell in June to a seasonally adjusted annual rate of 482,000 according to the U.S. Census Bureau and Department of Housing and Urban Development. The June rate is 6.8 percent below the revised May rate of 517,000, but 18.1 percent above the year-ago rate of 408,000. New home sales decreased
Commercial banks added $48.9 billion in loans and leases in June according to the Federal Reserve’s H.8 statistical release, an increase of 0.6 percent. Total loans and leases increased $25.4 billion (0.3 percent) in May. Total bank assets for commercial banks fell for the second month in a row, declining $16.4 billion (0.1 percent) to
Existing home sales increased 3.2 percent to a seasonally adjusted rate of 5.49 million in June, according to the National Association of Realtors, up from a downwardly revised 5.32 million in May. Existing home sales have increased year over year for the last nine months. Median existing home prices increased 6.5 percent year over year