Banks and the Economy

Industrial Production Increased in June

Industrial production increased 0.3 percent in June, the first gain in seven months. Over the past year, industrial production is up 1.5 percent. Manufacturing output was unchanged from May. Mining output increased 1.0 percent, an improvement after declining more than 1 percent per month on average over the previous five months. Output of utilities rose 1.5 percent, 4.3 percent higher ...

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Producer Prices Climbed in June

Producer prices climbed 0.4 percent in June, seasonally adjusted, according to the U.S. Bureau of Labor Statistics, principally reflecting a 0.7 percent hike in prices for final demand goods. This was the third monthly increase in the past six months, yet producer prices fell 0.7 percent on a yearly basis. Sixty percent of the broad-based price inflation for final demand ...

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N.Y. Fed Survey Finds Rising Credit Approval Rates

Individuals who have applied for credit are reporting higher approval rates, according to the Federal Reserve Bank of New York’s latest Credit Access Survey released today, which gauges consumers’ experiences and expectations regarding credit over the previous year. The results show that the share of applicants who received credit in the past 12 months rose by four percentage points in ...

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Small Business Optimism Dropped in June

The NFIB Small Business Optimism Index decreased 4.2 points in June. Nine of the ten components posted declines over the last month, while the expected credit conditions component showed no change. The number of owners planning to increase employment fell 3 points from May to the lowest reading since September. Fifty-two percent of owners reported hiring or trying to hire, ...

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Retail Sales Fell in June

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 year. Core retail sales – ...

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GAO Releases Debt Limit Study

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 to minimize disruptions to markets ...

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Yellen Expects First Rate Hike by Year’s End

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.”

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Consumer Delinquencies Dip in First Quarter

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.

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