Weekly Economic Update: July 12-16
Overview: Retail sales fell 0.5% in June. The U.S. trade deficit widened 4.8% in May. The topline CPI fell 0.1% in June; the core CPI rose 0.2%. The topline PPI fell 0.5%; the core PPI rose 0.1%. The U.S. Treasury recorded a deficit of $68.4 billion in June. Business inventories increased 0.1% in May. Initial jobless claims fell by 29,000 to a level of 429,000 for the week ended 7/10.
Retail sales fell 0.5% in June; excluding autos, sales were down 0.1%. A 2.9% increase in imports, led by a 12.1% increase in imports from China, surpassed a 2.4% increase in exports. The rise in exports was the largest since September of 2008.
The U.S. trade deficit unexpectedly widened by $2.0 billion, or 4.8%, to $42.3 billion in May. The 2.9% increase in imports, surpassed the 2.4% increase in exports. The rise in exports was the largest since September of 2008. The rise in imports was led by a large increase in imports from China. The U.S. trade deficit with China rose 15.4% to $22.3 billion.
The topline consumer price index fell 0.1% in June; the core CPI rose 0.2%.
The topline producer price index fell 0.5% in June; the core PPI rose 0.1%.
The U.S. Treasury recorded a deficit of $68.4 billion in June.
Business inventories increased 0.1% in May.
Initial jobless claims fell by 29,000 to 429,000 for the week ended July 10th.