Trade Deficit Rises to 4.8 Percent
July 12, 2010
In May, the trade deficit rose 4.8% to $42.3 billion. This was the highest level seen since November of 2008 while in April it was at $40.3 billion gap.
The seasonally adjusted composite index of applications for mortgages as stated by the Mortgage Bankers Association for the week ending on July 9 fell 2.9 percent. Applications for refinancing decreased 2.9 percent and purchase volume decreased 3.1 percent.
June saw a decrease in retail sales of 0.5% with a revised decline in May of 1.1 percent. Economists speculated retail sales would fall 0.2 percent in June.
Total business inventories increased 0.1 percent in May, which followed a 0.4 percent increase in April. Total business sales decreased in May 0.9 percent, which was the first decline after seeing monthly gains for 13 consecutive weeks.
The producer price index tracks wholesale price inflation. This index decreased in June by 0.5% after a 0.3% decrease in May. Core prices, which does not include food and fuel, increased 0.1%. Wholesale prices for the year are up 2.7 percent.
Factories, mines, and utilities in the US saw an increase in industrial production of 0.1 percent in June with a 1.3 percent gain seen in May. The capacity utilization stayed the same in June at 74.1 percent.
Consumer prices decreased a seasonally adjusted 0.1 percent in June after a 0.2 percent decrease in May. Consumer prices for the year are up 1.1 percent.
The Reuters/University of Michigan consumer sentiment index preliminary reading for the month of July decreased to 66.5 following a 76 in June. This marks the lowest level seen since August of 2009.
First claims for unemployment benefits decreased by 29,000 to 429,000 for the week that ended on July 10. Continuing claims for the week that ended on July 3 increased by 247,000 to 4.68 million.
On the economic calendar: new home sales on July 26, housing price index on July 27, and gross domestic product on July 30.
