- The U.S. economy expanded in the second-quarter amid a slowing housing market in June. Overseas, U.K. economic growth also continued in the second quarter, while eurozone consumer prices and unemployment remained unchanged in July.
- Durable goods orders rebounded in June, outpacing estimates. Orders for core goods (excluding aircraft) climbed, attributable to demand for motor vehicles, computers and electronics and machinery and construction-related electrical equipment. Unfilled orders ticked upward, while inventories increased.
- Service sector activity exceeded estimates in July, according to advance data. New orders reached a three-month peak while backlog orders and hiring advanced. However, optimism was at a three-year low and output prices were flat.
- U.S. jobless claims climbed by 12,000 to 267,000 for the week ending July 25. The four-week moving average (which evens out volatility) declined, while continuing claims (reflecting delayed data) rose by 46,000 to 2.62 million for the week ending July 18.
- The U.S. economy expanded by 2.3% in the second quarter, below projections yet greater than the first quarter’s revised 0.6% rate (up from -0.2%). Residential investment and auto spending contributed most, while defense and federal spending detracted. Notably, core prices rose 1.8%.
- Employment costs rose a disappointing 0.2% during the second quarter, marking the lowest advance in the report’s three-decade existence. Year-over-year growth in costs settled down to 2.0%, a near-record low.
- Pending home sales unexpectedly decelerated in June. Slowing was seen in the South and West, while the Northeast progressed. Year-over-year sales were positive, yet receded from May’s double-digit growth.
- U.S. home prices decreased in May, falling below April’s downward–revised zero-growth estimate, according to CaseShiller’s seasonally-adjusted findings. Over half of the 20 surveyed cities reported price declines.
- The U.K. economy expanded by 0.7% in the second quarter, exceeding first-quarter growth. A surge in the mining and quarrying sector boosted industrial production, while hotels and catering contributed to service growth. Year-over-year growth of 2.6% fell short of the first quarter rate.
- Eurozone consumer price growth remained unchanged in July, according to advance data, repeating June’s 0.2% advance. The region’s unemployment rate for June of 11.1% also remained unchanged from the prior two months.
- Excluding volatile items (food and energy), Japanese consumer prices reflected zero growth in June and rose by 0.6% in the year over year. However, consumer spending unexpectedly dropped into negative territory during the year over year, with clothing and footwear expenditures detracting most.
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