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Week 19 -2013 | From May. 06 to May. 10, 2013 |
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Economic Data for Week 19-2013 | Global View
| Week Rating
| DATE/WEEK |
DAY |
REPORT/CATEGORY |
HIGHLIGHTS ON WEEK 19-2013 |
LAST |
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Mon |
Non Reports for Our Global Vision |
There will be no Economic Reports released on Monday. |
N/A |
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No Reports |
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Tue |
ICSC Goldman Sachs Index |
Last week Retail Sales were flat for chain stores with same-store sales at a year-on-year pace of plus 2.4%, down 2 tenths from the prior week's rate. |
2.4%
Y/Y
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 |
Sales and Inventories |
Week-to-week, sales fell a sizable 1.0%. The ICSC report cites an uptick in gasoline prices as a negative but, as a positive, notes rising high-end consumer confidence. |
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Tue |
Johnson Redbook |
Redbook's year-on-year same-store sales rate is down 5 tenths to plus 2.3% with the report's month-to-month reading very weak, down 2.5% for a second week which points to weakness for the government's April 2013 reading on ex-auto ex-gas sales. |
2.3%
Y/Y
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Sales and Inventories |
Redbook notes the month was hurt by this year's early Easter which moved sales into March 2013 at the expense of April 2013. |
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Tue |
Consumer Credit |
U.S. consumer credit climbed by $7.97 billion in March 2013 after an $18.6 billion jump in February 2013 that was the biggest gain since May 2012. The consumer credit report is always difficult to read, but March's $8.0 billion gain masks another month of weakness for revolving credit which fell $1.7 billion. |
$8.0B |
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Consumer |
Although, the nation's rising home prices are enabling households to repair finances, putting them in a position to take advantage of low borrowing costs for purchases such as new cars, soft readings for revolving credit point to limited credit-card use among consumers and in turn points to consumer caution. |
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Wed |
MBA purchase Applications |
The purchase index is back near recovery highs, up 2.0% last week following a slight dip the previous week to return to its best level since the housing-stimulus of spring 2010. |
7.0%
W/W |
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Real Estate |
Low rates are an important factor behind the improvement in demand and also raise demand for refinancing with the refinance index jumping 8.0% in the week to its highest level of the year. |
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Wed |
EIA Crude Oil |
U.S. crude oil supplies bumped up 200,000 barrels to hit record highs for the second straight week, according to an Energy Information Administration report (link opens in PDF) released today. |
N/A |
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Commodity |
Crude oil inventories reached 395.5 million barrels for the week ending May 3, pushed by both a 560,000-barrel-per-day (bpd) decrease in imports and a 470,000-bpd increase in refinery inputs. |
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Thu |
Jobless/Initial Claims |
The number of people who applied for regular state unemployment-insurance benefits ticked down 4,000 to 323,000 in the week ending May 4, hitting the lowest level since January 2008, the U.S. Department of Labor reported Thursday. |
323K |
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Employment |
Initial jobless claims fall 4,000 to 323,000, lowest since January 2008. Economists had expected initial claims to rise slightly to 335,000 from an original estimate of 324,000 for the prior week, echoing softness in other recent labor-market data. |
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Thu |
Wholesale Trade |
Wholesale trade revenues in March 2013 were $414.7 billion, down 1.6% from the revised February 2013 level, but up 1.3 % from March 2012. |
0.4%
M/M
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Sales and Inventories |
The February 2013 preliminary estimate was revised downward $0.9 billion or 0.2%. March 2013 sales of durable goods were down 0.6% from last month, but up 1.7% from a year ago. Sales of metals and minerals, except petroleum, were down 2.5% from last month. |
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Thu |
EIA Natural Gas Report |
During May (up to date), the price of natural gas plunged by 9.8%. Moreover, the natural gas ETF United States Natural Gas Fund (NYSEMKT: UNG) also sharply decreased by 9.2%. This ETF follows the price of natural gas. Its net assets reached by May 7 were almost $882 million. |
88
Bcf
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Commodity |
Natural gas storage rose below the five-year average in the past several weeks. During April, the buildup in storage was 90 Bcf. In comparison, during the same time frame in 2012, the total buildup was 97 Bcf. If the natural gas buildup rate into storage continues at a slow pace, this could indicate the natural gas market isn't loosening up as it did in previous years |
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Thu |
Fed Balance Sheet |
The U.S. Federal Reserve's balance sheet expanded in the latest week on higher holdings of Treasuries and U.S. mortgage-backed securities, Fed data released on Thursday showed. |
$7.4
Billions
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Government |
The Fed's balance sheet - a broad gauge of its lending to the financial system - gained $7.4 billion after slipping $1.5 billion the week before. The rebound was led by a $6.3 billion increase in holdings of Treasuries with "other assets" rising $2.1 billion. Central bank liquidity swaps declined $1.3 billion for the week. |
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Thu |
M2 Money Supply |
M2 Weekly Change $33.6 Billions. |
$33.6
Billions
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Money Supply |
M2 included M1 and, in addition, short-term time deposits in banks and certain money market funds. In general, an increase in the supply of money typically lowers interest rates. |
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Fri |
Fixed Mortgage Rates |
After declining for more than a month, the average rate on the 30-year fixed-rate mortgage rose to 3.42% in the week ending May 9, up from 3.35% in the prior week, but remained near a record low, Freddie Mac said Thursday in its weekly report. A year ago, the 30-year rate was 3.83% |
3.42% |
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Interest Rates |
Meanwhile, the 15-year fixed-rate mortgage also increased, rising to 2.61% in the latest week from a record low of 2.56% in the prior week. |
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Fri |
Treasury Budget |
The United States posted its biggest monthly budget surplus in five years in April 2013, the Treasury Department said on Friday, adding that revenues are running at a record high so far this year thanks to higher taxes and an improving economy. |
$112.9
Billions
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Government |
The April 2013 surplus was $113 billion, about $6 billion higher than economists' expectations and the highest surplus since April 2008, according to the Treasury. The surplus in April 2012 was $59 billion. Treasury usually posts a surplus in April, when most Americans pay their taxes, but Washington's budget fortunes are shifting more quickly than most analysts had anticipated. |
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| WEEK 19-2013 ENDING MAY. 10 |
Reports Commentary
The April CPI showed a gain of 2.4% from a year earlier, led by a 4% rise in food prices, the National Bureau of Statistics said Thursday. The gain was more than March's 2.1%, though below February's spike of 3.2%.
The producer price index, meanwhile, fell by the most since October, dropping 2.6% against a decline of 1.9% in March.
The government has received $1.6 trillion in taxes so far this year, a record high for this time period and 16 % above last year's level for April, due to an expiration of payroll tax cuts, higher taxes on richer Americans, and an improving economy.
More cash means the United States also gets more time before it runs out of borrowing room under the legal limit on the nation's debt.
While a temporary suspension of the debt ceiling expires on May 18, Treasury Secretary Jack Lew on Friday said the nation will be able to keep borrowing until at least early September as the Treasury deploys emergency cash maneuvers.
Growing U.S. consumer borrowing signals the economy is healing and will sustain a rally in global stocks, sending the benchmark Standard & Poor's 500 Index (SPX) to fresh records.
China
China's consumer price index rose slightly more than expected in April, while wholesale prices extended their fall, sending Chinese stock indexes down from their pre-market levels.
Chinese shares lost ground after the numbers, which would tend to reduce the odds of Beijing maintaining a loose monetary policy.
The Hang Seng Index (HSI) -0.54% traded flat in the early minutes, down from a 0.5% gain in pre-market action.
What do the Economic Reports reveal about the state of the economy?
- U.S. consumer credit climbed by $7.97 billion.
- Initial jobless claims fall 4,000 to 323,000, lowest since January 2008.
- Wholesale trade revenues in March 2013 were $414.7 billion, down 1.6%.
- The United States posted its biggest monthly budget surplus in five years in April 2013.
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To prepare for this week we have posted the following Blog: |
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Gold's April loss is steepest in 16 months |
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