Economy in Brief: June 2017

The Chicago Purchasing Managers Business Barometer for June jumped to 65.7 following an increase to 59.4 in May. It was the highest index level since May 2014. The latest reading surpassed expectations for 58.0 in the Action Economics [...]

Personal income increased 0.4% during May (3.5% y/y) following a 0.3% April rise, revised from 0.4%. The gain outpaced expectations for a 0.3% advance in the Action Economics Forecast Survey. Wages & salaries ticked just 0.1% higher [...]

Strong gains in and across EMU The EU Commission index for all of the EMU rose to 111.1 in June from 109.2 in May. Over the last 21 years, a monthly gain this strong or stronger has occurred only 16% of the time, marking the month's [...]

Initial unemployment insurance claims during the week ended June 24 increased to 244,000 (-8.6% y/y) from 242,000 in the prior week, revised from 241,000. Expectations called for 240,000 claims in the Action Economics Forecast Survey. [...]

Economic growth was revised to 1.4% during Q1'17, up from 1.2% estimated last month and 0.7% estimated initially. Growth remained the weakest in three quarters. A 1.2% advance had been expected in the Action Economics Forecast Survey. [...]

The Mortgage Bankers Association reported that its total Mortgage Applications Volume Index declined 6.2% (-17.9% y/y) in the week ended June 23, after a 0.6% rise. It was the lowest level of applications in four weeks. Purchase [...]

The National Association of Realtors (NAR) reported that pending home sales fell 0.8% during May to an index level of 108.5 following a 1.7% April fall, revised from -1.3%. The index is reported on a 2001=100 basis. Pending sales [...]

The year-on-year growth rates of money and credit in the EMU (loans to the private sector) show a leveling off of money growth at the 4.5% to 5% mark with recent growth perhaps creeping up at a pace of 1 to 1.5%. Mario Draghi has [...]