Fundamentals 7/6: Non-Manufacturing Economic Activity

MBA Mortgage Applications
-Purchase Index: Week/Week +4.8%
-Refinance Index: Week/Week -9.2%
-Composite Index: Week/Week -5.2%
-Rising Treasury and mortgage rates were responsible for refi dip.

Retail Sales
-ICSC-Goldman: week/week +1.5%
-ICSC-Goldman: year/year +3.5%
-Redbook: year/year +5.2%

Economic Activity In Non-Manufacturing Sector
June ISM non-manufacturing index down to 53.3 vs 54.6 in May
-Reading above 50 signals expansion
-Near expectations of 53.7
-Inflation index moderating: June prices 60.9, down 8.7 since May
-See ISM survey responses and stat table below

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