In light of last week’s absence of an update, I have included the economic indicators from both August 1-5 and 8-12 below.  The first table displays the data from the week ended August 12^th and the usual weekly and year-to-date calculations for that week, as well as the two-week change in indicators from the week ended July 29^th to that ended August 12^th (including the large market declines of August 1-5).

Overview:  The economy added 117,000 jobs in July as the unemployment rate ticked down to 9.1%.  The FOMC held constant its target range of 0.0%-0.25% for the federal funds rate.  Productivity for the 2^nd quarter was revised down to a decline of 0.3%.  The ISM index fell 4.4 points to 50.9 in July as the ISM services index fell 0.6 points to 52.7.  Consumer credit increased $15.5 billion in June.  The U.S. trade deficit widened 4.5% in June.  Retail sales were up 0.5% in July.  Factory orders fell 0.8% in June.  Personal income edged up 0.1% in June as personal spending fell 0.2%.  Auto sales increased 5.8% in July.  Construction spending was up 0.2% in June.  Business inventories increased 0.3% in June.  Initial jobless claims fell 7,000 to a level of 395,000 for the week ended 8/6.

• The economy added 117,000 jobs in July as the unemployment rate ticked down to 9.1%.  The labor force participation rate fell to a new 27-year low of 63.9% as 193,000 workers left the labor force. 
• The FOMC held constant its target for the federal funds rate in a range of 0.0%-0.25% and added that it plans to maintain exceptionally low rates through at least mid-2013. The FOMC statement also noted: economic growth this year has been considerably slower than expected; the labor market has deteriorated in recent months; inflation has moderated; a slower pace of recovery than previously anticipated is now expected; and downside risks to the economic outlook have increased.
• Productivity growth for the 2^nd quarter of 2011 was revised downwards to a decline of 0.3%, from a previously reported increase of 1.8%.
• The ISM index unexpectedly declined 4.4 points to 50.9 in July.
• The ISM services index edged down 0.6 points to 52.7 in July.
• Consumer credit increased by a greater-than-expected $15.5 billion in June, to $2.446 trillion.  Revolving credit increased $5.2 billion (0.66%) while nonrevolving credit rose $10.3 billion (0.63%).
• The U.S. trade deficit unexpectedly widened by $2.3 billion (4.5%) to $53.1 billion in June.  A decline, or narrowing, of similar magnitude had been expected.
• Retail sales rose 0.5% in July.
• Factory orders were down 0.8% in June.
• Personal income edged up 0.1% in June as personal spending declined 0.2%.
• Auto sales increased 5.8% in July to an annual rate of 12.23 million units.  Sales were also up 5.8% from a year ago.
• Construction spending was up 0.2% in June.
• Business inventories increased 0.3% in June.
• Initial jobless claims fell 7,000 to 395,000 for the week ended August 6^th, after having increased by 1,000 for the week ended July 30^th.