Weekly Economic Update: July 1-5, 2013

Jul 08 2013

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The ISM index rose 1.9 points to a higher-than-expected 50.9 in June. Construction spending increased slightly by 0.5% in May. Auto sales rose 4.6% in June to an annual pace of 15.96 million units. Factory orders rose 2.1% in May. The U.S. trade deficit widened sharply by $4.9 billion (12.2%) to $45.0 billion in May. The ISM services index declined 1.5 points to 52.2 in June. The economy added 195,000 jobs in June as the unemployment rate held steady at 7.6%. Initial jobless claims fell 5,000 to 343,000 for the week ended 6/29.

• The ISM index rose 1.9 points to a higher-than-expected 50.9 in June. New orders are a notable factor in the uptick.

• Construction spending increased slightly by 0.5% in May.

• Auto sales rose 4.6% in June to an annual pace of 15.96 million units. Sales were up 11% from a year ago.

• Factory orders rose 2.1% in May.

• The U.S. trade deficit widened sharply by $4.9 billion (12.2%) to $45.0 billion in May. Exports fell 0.3% while imports rose 1.9%. Worsening of the trade gap was primarily a result of the nonpetroleum goods deficit. Latest trade data indicate likely downward revisions to estimates of second quarter GDP.

• The ISM services index declined 1.5 points to 52.2 in June.

• The economy added 195,000 jobs in June as the unemployment rate held steady at 7.6%. The gain was more than expected with private payrolls increasing 202,000, with strength in the private service-providing sector. The net revisions for April and May were up 70,000. The labor force increased 177,000 following a 420,000 jump in May. Job growth in the second quarter of 2013 averaged 196,000 per month, compared to average growth of 207,000 per month in the first quarter of the year.

• Initial jobless claims fell 5,000 to a level of 343,000 for the week ended June 29th.

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