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Week 36 -2013 | From Sep. 02 to Sep. 06, 2013 |
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Economic Data for Week 36-2013 | Global View
| Week Rating
| DATE/WEEK |
DAY |
REPORT/CATEGORY |
HIGHLIGHTS ON WEEK 36-2013 |
LAST |
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Mon |
Labor Day |
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N/A |
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U.S. Market Holidays |
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Tue |
ISM Manufacturing Index |
The ISM's latest report on the manufacturing sector found that manufacturing improved slightly in August 2013: 55.7 Level. |
55.7
Level
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 |
Manufacturing |
The purchasing manager's composite index (PMI) rose 0.54% since July 2013 and climbed 9.86% above the level seen a year earlier giving an, indication of improving conditions for manufacturing. |
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Tue |
Construction Spending |
Spending on U.S. construction projects rose in July 2013, led by strong gains in housing and nonresidential projects. |
0.6% |
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Growth |
Construction spending increased 0.6% in July 2013 compared with June 2013 when activity was unchanged, the Commerce Department reported Tuesday. |
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Wed |
MBA purchase Applications |
Applications for U.S. home loans rose for the first time in four weeks as mortgage rates fell from their highest level this year, although demand for purchase loans slipped, data from an industry group showed on Wednesday. |
1.3%
W/W
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Real Estate |
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 1.3% in the week ended August 30, after sliding 2.5% the prior week. |
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Wed |
Bank Reserve Settlement |
Bank Reserve Settlement is the date where commercial banks must meet reserve requirements stipulated by the Federal Reserve. |
N/A |
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Banking System |
Bank Reserve Settlement is a two-week period that ends every other Wednesday. |
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Wed |
ICSC Goldman Index |
Retail categories posted wide declines in the August 31 week according to ICSC-Goldman's same-store sales index which fell 0.6%. |
1.8%
Y/Y
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Sales and Inventories |
The year-on-year rate of plus 1.8% is one of the very lowest of the year. The report cites summer malaise for the trouble, despite which it still sees a steady rate of monthly growth for August 2013 as a whole. |
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Wed |
U.S. Trade Balance |
The U.S. trade deficit with other nations surged 13.3% in July 2013, reflecting higher demand for oil and imported autos. |
$-39.1
Billions
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Balance of Payments |
The trade gap widened to a seasonally adjusted $39.1 billion from a revised $34.5 billion in June 2013, the Commerce Department said Wednesday. That's roughly in line with the monthly average so far in 2013. |
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Wed |
Johson Redbook |
Redbook's same-store sales index jumped to a year-on-year plus 4.7% in the August 31, 2013 week which is up 9 tenths in the week for the strongest rate since December 2011. |
4.7%
Y/Y |
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Sales and Inventories |
Redbook attributes the strength to back-to-school sales and further notes the week excludes the usually heavy sales of the Labor Day weekend. Redbook's month-to-month comparison shows a 0.6% gain, one that points to strength for the government's core retail sales reading. |
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Wed |
Beige Book |
The Beige Book for the September 17-18 Federal Open Market Committee meeting offered little in the way of conclusive evidence that the economy is picking up speed. |
N/A |
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Interest Rates |
Reports from the twelve Federal ReserveDistricts suggest that national economic activity continued to expand at a moderate pace during the reporting period of early July through late August 2013. |
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Thu |
ADP Employment Report |
Private sector employment increased by 176,000 jobs from July2013 to August 2013, according to the August 2013 ADP National Employment Report. |
176K
Jobs
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Employment |
The report, which is derived from ADP's actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis. July's job gain was revised down slightly from 200,000 to 198,000. |
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Thu |
Jobless/Initial Claims |
Initial jobless claims fell 2.7% to 323,000 for the week ending Aug. 31, according to a Labor Department report released today. After hitting 337,000 in mid-August, this latest report marks the second week of declines and puts initial claims near their recovery low. |
323K |
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Employment |
After dipping a revised 1.5% to 332,000 the previous week, analysts had expected only a slight decrease to 330,000. |
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Thu |
Productivy and Costs |
Nonfarm business sector labor productivity increased at a 2.3% annual rate during the second quarter of 2013, the U.S. Bureau of Labor Statistics reported today. |
2.3% |
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Business Activity |
The increase in productivity reflects increases of 3.7% in output and 1.4% in hours worked. From the second quarter of 2012 to the second quarter of 2013, productivity increased 0.3% as output and hours worked rose 2.1% and 1.7%, respectively. |
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Thu |
Factory Orders |
Orders to U.S. factories fell in July by the sharpest amount in four months, held back by weaker demand for commercial aircraft and heavy machinery. A key category that reflects business investment plans also fell. |
-2.4% |
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Manufacturing |
Factory orders dropped 2.4% in July compared with June, when orders rose 1.6%, the Commerce Department reported Thursday. |
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Thu |
ISM Non-Mfg Index |
Service industries in the U.S. expanded in August at the fastest pace in almost eight years as a pickup in demand encouraged companies to step up hiring, showing the world's biggest economy is gaining momentum. |
58.6 |
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Business Activity |
ISM August Non-Manufacturing Index Rose to 58.6 From 56. The August figure, which exceeded the median forecast of 55, was the strongest since December 2005. |
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Thu |
EIA Natural Gas Report |
Natural gas futures prices were trading up by about 0.5% in advance of the EIA's report, at around $3.70 per million BTUs, and slipped to around $3.62 immediately following the EIA report. Natural gas in storage rose 58 billion cubic feet in the August 30 week to 3,188 bcf. An injection of 55 bcf was expected. |
58bcf |
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Commodity |
The U.S. Energy Information Administration (EIA) today reported the U.S. natural gas stocks increased by 58 billion cubic feet last week, compared with an expected build of about 53 billion to 57 billion cubic feet anticipated by analysts. |
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Thu |
EIA Crude Oil Report |
The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories decreased 1.80 million barrels to 360.20 million barrels last week, but are near the upper limit of the average range for this time of year. |
-1,8M
Barrrels
|
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Commodity |
The week before, crude oil inventories increased 3.00 million barrels to 362.00 million barrels. Meanwhile, total motor gasoline inventories moved down by a similar 1.80 million barrels last week, after shedding 0.60 million barrels in the prior week, but are in the upper half of the average range. |
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Thu |
Fed Balance Sheet |
The Fed's balance sheet liabilities, which are a broad gauge of its lending to the financial system, stood at $3.611 trillion on Sept. 4, from $3.602 trillion on Aug. 28.
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$9.7B |
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Government |
Total assets for the September 4 week came in at $3.654 trillion. For the September 4 week, the Fed balance sheet grew $9.7 billion after slipping $1.2 billion the week before. The gain was led by a $9.7 billion in holdings of Treasuries. Other assets were little changed. |
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Thu |
M2 Money Supply |
M2 Weekly Change $35.9 Billions from $-18.3 Billions revised to $-18.4 Billions. |
$35.9B |
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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 |
Mortgage buyer Freddie Mac says the average rate on the 30-year loan was 4.57% this week. That's up from 4.51% a week earlier and close to its high this year of 4.58% reached Aug. 22, 2013. |
4.57% |
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Interest Rates |
The average on the 15-year fixed mortgage rose from 3.54% to 3.59%. That's near the year's high of 3.6%. |
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Fri |
Employment Situation |
The Bureau of Labor Statistics also said the unemployment rate dropped to 7.3%, its lowest since December 2008, but due primarily to fewer Americans in the labor force. |
7.3% |
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Employment |
Job growth was less than expected in August 2013 as the U.S. economy added 169,000 positions, raising questions over whether the Federal Reserve will begin a pullback on its historically easy monetary policy. |
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| WEEK 36-2013 ENDING SEP. 06 |
Reports Commentary
The U.S. trade deficit
The U.S. trade deficit widened a bit more than expected in July as exports dipped, but a bounce back in imports hinted at some strengthening in domestic demand early in the third quarter.
U.S. auto sales were on a pace to show a gain as high as 17% in August as the industry raced toward its strongest month since just before the start of the 2007-2009 recession.
Last month's sales will top 16 million vehicles on a seasonally adjusted annualized basis, several automakers said, which would be the first time U.S. sales topped that level since November 2007.
The Fed is buying $85 billion a month in Treasurys and mortgage-backed securities and is expected to begin unwinding its $3.6 trillion balance sheet later this month
Jobs Growth
Jobs growth falls short; rate at 7.3% A worker carries a tote full of turned, non-inflated footballs to the quality control area at the Wilson Football Factory in Ada, Ohio
Job growth was less than expected in August as the U.S. economy added 169,000 positions, raising questions over whether the Federal Reserve will begin a pullback on its historically easy monetary polic
Manufacturing
Overall manufacturing has slumped this year, hurt by weakness overseas that has dragged on U.S. exports. But there have been signs that factory activity could pick up in the second half of the year.
But the Institute for Supply Management reported Tuesday that its closely watched gauge of manufacturing activity rose in August to a reading of 55.7, up from 55.4 in July. That was the highest level since June 2011 and offered encouragement that manufacturing may be starting to pull out of its slowdown.
The economy expanded at an annualized rate of 2.5% in the April-June quarter
Europe's Economy
As the U.S. shows signs of picking up, Europe's economy is emerging from a recession. German factory orders rose 2% in July from a year ago, the Economy Ministry in Berlin said today. Bookings dropped from the previous month, when demand was boosted by the Paris Air Show.
The fact that the congressional debate over Syria comes on the effective eve of the Fed's key meeting won't help Wall Street's mood. The central bank's policy-setting committee meets on September 17 and 18 and is expected to announced a reduction, or "tapering," of the pace of its $85 billion a month in bond purchases that have been instrumental in supporting asset prices over the past year. The S&P 500 is up 16.1% this year.
Investors have pulled $15.3 billion out of stock funds in the past three weeks, the most over any comparable stretch since August 2011. About $3 billion was pulled from the SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500, marking the largest outflows from any exchange-traded fund in the weekly period ended September 4. |
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To prepare for this week we have posted the following Blog: |
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U.S. Military Strike against Syria |
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