ECONOMIC UPDATES

Last Week in the News
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The Institute for Supply Management reported that the monthly composite index of manufacturing activity fell to 50.9 in July after a reading of 55.3 in June. A reading above 50 signals expansion. It was the 24th straight month of expansion.

Retail sales fell 0.3% for the week ending July 30, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 4%.

Total construction spending rose 0.2% to $772.3 billion in June, following an upwardly revised 0.3% gain in May. Economists had anticipated an increase of 0.1% in June.

Factory orders fell 0.8% in June to a seasonally adjusted $440.7 billion, following an upwardly revised 0.6% increase in May. Excluding the volatile transportation sector, orders rose 0.1% in June. 

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending July 29 rose 7.1%. Refinancing applications increased 7.8%. Purchase volume rose 5.1%. 

The Institute for Supply Management reported that the monthly composite index of non-manufacturing activity fell to 52.7 in July from 53.3 in June. A reading above 50 signals expansion. It was the 19th straight month of expansion in the services sector. 

Initial claims for unemployment benefits fell by 1,000 to 400,000 for the week ending July 30. Continuing claims for the week ending July 23 rose by 10,000 to 3.7 million. The monthly unemployment rate fell to 9.1% in July from 9.2% in June. 

Upcoming on the economic calendar are reports on wholesale trade on August 10, international trade on August 11 and retail sales on August 12.