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Mid-Summer Economic Indicators Showing Strong Results

Everything from durable manufacturing to the GDP, consumer spending and durable goods production recorded increases in the low single digits in the early part of the summer.

The economy is pointed in the right direction, according to a series of economic indicators.

Durable manufacturing was up 9.27% in July from the same year-ago period, while GDP is up 2.4% for the second quarter, according to the Office of Management and Budget.

Consumer spending is up 3.8% in June 2014 vs. June 2013, reaching $11.9 billion. And durable goods produced of 238.2 million, also for June 2014, showed a marked improvement over the same year-ago period, with a 3.75% increase. Factory shipments reached nearly 500 million, a 3.77% increase over June 2013.

Retail store sales for July ($439.8 billion) and wholesale sales for June ($454.5 billion) both recorded increases, at 3.68% and 6.52% respectively.

New home sales were down considerably, at -11.55% from last year, while new housing starts were up by 21.71% in July. The personal saving rate increased more than 20%, to 5.3% in June 2014, up from 4.4% in June 2013.

Also down was the sale of gasoline. Could people be using more bicycles and public transportation in the warmer weather or is it that there are more numbers of efficient cars on the road? Either way, domestic crude oil sales as of August 15 (thous. bbls) grew less than 1 percent (0.97%) since last year, while gasoline sales (thous. bbls) were down 2.35%.

The consumer price index rose 2.01% in July; employment rose just 1.43%, while the unemployment rate was down 15.07% in July. The average number of weeks on umployment was also down 11.72%.

Experts feel that the job market is weaker than it looks, but all other signs are pointing upward.

Additional reading: 6 Things You Should Know About the Economy

 

 

 

About Lynn Russo Whylly

Lynn Russo Whylly