Slow GDP Growth Continues.
GDP (1stQ2016)
– Real GDP quarter/quarter, seasonally adjusted, annualized +1.1%. Previous estimate was +0.8%
– GDP price index quarter/quarter +0.4%. Previous estimate was +0.6%.
This is the BEA’s third look at 1stQ2016 GDP. Average GDP growth rate for the past 17 quarters is 1.89%. This despite near zero rates and massive increase in money supply.
Corporate Profits (1stQ2016)
– Corporate Profits year/year -2.3%. Previous was -3.6%.
Redbook Chain Store Sales (week ended 6/25/2016)
– Store Sales year/year +0.5%. Previous was +0.9%
– 20-city, seasonally adjusted month/month +0.5%. Previous was +0.8%
– 20-city, not seasonally adjusted month/month +1.1%. Previous was +1.0%
– 20-city, not seasonally adjusted year/year+5.4%. Previous was +5.5%.
Moderating increases in home prices are good. Between increased prices and tougher mortgage qualifying guidelines the rate of homeownership has been declining.
Consumer Confidence (June 2016)
– Consumer Confidence 98.0. Previous was 92.4.
This is the metric from The Conference Board. This is supposed to measure consumer spending 3-6 months from now.
Richmond Federal Reserve Manufacturing Index (June 2016)
– Index level -6. Previous was -1.