Sales

June is a critical month for most retailers, representing the peak of seasonal business ahead of traditional July clearance sales. Sales performance for the week was somewhat mixed.

Most retailers were slightly below plan as retailers faced unfavorable calendar comparisons against last year's Memorial Day sales. With slightly less emphasis on seasonal buying, sales leader lists were more mixed. Weather will be key in terms of allowing stores to make up sales before margin cutting clearance time.

Mortgage Rates

Rates have jumped in recent weeks on worries that the Federal Reserve could slow its economic stimulus program sooner than had been expected. The Fed is buying $85 billion in securities a month to keep borrowing rates low.

Analysts have said rising mortgage rates could spur some homebuyers who have been sitting on the fence to make up their minds to buy.

Cheap mortgage rates have helped the beaten down housing market get back on its feet in the past year as home prices have climbed, sales have improved and available inventory has tightened. Even with the recent gain, rates remain low by historical standards.

Government

The federal deficit represents the annual difference between the government's spending and the tax revenues it takes in. Each deficit contributes to the national debt, which recently topped $16 trillion. At the same time, a smaller deficit has taken pressure off of negotiations to raise the federal borrowing limit.

The government is taking in more money because of higher rates that went into effect on Jan. 1. Modest economic growth has also boosted tax revenue.

The deficit reached a record $1.41 trillion in budget year 2009, which began four months before President Barack Obama took office. That deficit was largely because of the worst recession since the Great Depression. Tax revenue plummeted, while the government spent more on stimulus programs.

The budget gaps in 2010 and 2011 were slightly lower than the 2009 deficit as a gradually strengthening economy generated more tax revenue.

President George W. Bush also ran annual deficits through most of his two terms in office after he won approval for broad tax cuts and launched wars in Afghanistan and Iraq. The last time the government ran an annual surplus was in 2001.

Current Account

The current account deficit represented 2.7 percent of gross domestic product, hovering near the 2.6 percent recorded in the prior three-month period. As a share of GDP, the current account deficit was close to the record low in the second quarter of 2009.

Japan

Japan stocks plunge as dollar nears 94; Nikkei Average crashes to end down 6.4%
S&P revises U.S. credit outlook to stable from negative

What do the Economic Reports reveal about the state of the economy?

1. Mortgage rates increased to their highest level since March 2013.
   
   
2. The U.S. job market remains weak and that it is too soon for the Federal Reserve to end its extraordinary stimulus programs.
   
   
3. Home prices increased 1.3% in March 2013.
   
   
4. New-home sales rose to a seasonally adjusted annual rate of 454,000.
   
   
5. The 30-year loan increased to 3.59%.
   
   
6. U.S. durable-goods orders rise 3.3% in April 2013.

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