Spending on Single-Family homes has now dropped below its January 2014 level, while Multi-Family spending continues its steady increase.
The BLS U3 unemployment rate edged up in July (as reported today) from a rounded 6.1% to 6.2%. The good news is that this is due to an increase in the Labor Force Participation Rate.
This morning’s BLS Payrolls Report estimated 209,000 more jobs in July (on a seasonally adjusted basis). This is 10% below our Trend extrapolation of 232,000 and the the consensus forecast of 233,000.
GDP was estimated to have grown at a rate of 4.0% annualized n the 2nd quarter of 2014, following a (revised) drop of 2.1% in the 1st quarter. Last month, the estimate of Q1′s drop was 2.9%.
Motor fuel contributed the bulk of June’s increase in the All Items index for CPI-U, while the year-over-year inflation dropped slightly, though staying at 2.1% when rounded to one decimal place.