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.
The U.S. economy added 223,000 non-farm jobs in June, the Labor Department said today.
The ISM Manufacturing Index rose to 53.5 points in June, tying the highest reading of the year. Index readings above 50 indicate expansion in the manufacturing economy. Of the 18 component industries, 11 reported growth, down from 14 in May. Some respondents noted that a downturn in oil and gas markets is impacting demand, while others noted that business is soft in Europe and declining in Asia.
Construction spending increased 0.8 percent in May to a seasonally adjusted annual rate (SAAR) of $1,035.8 billion. April spending was revised up from $1,006.1 billion to $1,027.0 billion. Construction spending during the first five months of 2015 amounted to $382.1 billion, 5.9 percent higher than in the first 5 months of 2014.
According to the ADP National Employment report, the private sector added 237,000 jobs in June, as both the goods-producing and service-providing sectors experienced increased job growth. The June report upwardly revised the May and April headline numbers by 2,000 and 14,000 respectively.