The Commerce Department reported advance U.S. retail and food services sales increased (+0.2%) to $689.5B in June, this follows an upwardly revised (+0.5%) increase for May. Retail sales are up 1.5% year over year. Retail sales are mostly goods and are not adjusted for inflation. Total sales for April 2023 through June 2023 were up 1.6% year over year. Spending on autos and parts rose (+0.3%) in June. Excluding auto sales, retail sales were up (+0.2%). Increases in sales for miscellaneous stores (+2.0%), nonstore retailers (+1.9%), home furnishings (+1.4%), and electronics & appliances (+1.1%) were partially offset by decreases in gasoline sales (-1.4%), building materials (-1.2%), and sporting goods (-1.0%). When sales for gas stations and autos are excluded, retail sales increased 0.3%. Core retail sales, a measurement that excludes spending on autos, gasoline, building materials, and food services increased (+0.6%) in June. May’s core retail sales were revised up to show sales increasing 0.3% instead of 0.2%.
The U.S. Census Bureau reported new residential building permits were down 3.7% in June to a seasonally adjusted 1.440M, (-15.3%) below the June 2022 rate of 1.701M. Single-family permits were up (+2.2%) to 922K, from an upwardly revised May figure of 902K. New residential building permits dropped in the Northeast (-23.4%), West (-4.0%), and South (-2.6%); only the Midwest (+5.9%) saw an increase. Privately-owned housing starts declined (-8.0%) to 1.434M, from a downwardly revised May estimate of 1.559M, and (-8.2%) below the June 2022 rate of 1.561M. Single-family starts were down (-7.0%) to 935K, as single-family homebuilding decreased in the Midwest (-19.6%), Northeast (-11.9%), and South (-7.3%); only the West (+4.6%) saw an increase. May’s reading was revised higher to show single-family starts at 1.005 million units, instead of previously reported 997K. Privately-owned housing completions reported at 1.468M, down (-3.3%) from May’s 1.518M reading, and up (+5.5%) over June 2022. Single-family housing completions reported in at 986K, a (-2.8%) decrease from the May rate of 1.014M, down (-2.3%) from June 2022.
The Labor Department reported a decrease in initial jobless claims for the week ending July 15th. The seasonally adjusted initial claims reported in 228,000, a decrease of 9,000 from the previous week’s level. The four-week moving average, which smooths out volatility, was 237,500, a decrease of 9,250 from the previous week’s average. For the week ending July 8th, the insured unemployment rate was unchanged at 1.2%. The total number of unemployment claims for the week ending July 8th reported at 1.754M up 33,000 from the previous week’s revised level. The continuing claims’ 4-week moving average was 1.735M, a decrease of 1,750 from the previous week. According to the unadjusted data for the week ending July 15th; Michigan (-3,756), Kentucky (-2,729), New Jersey (-2,210), and New York (-1,706) led the way in decreases for initial claims. California (+5,059), Georgia (+4,616), South Carolina (+2,235), and Pennsylvania (+1,359) all saw increases. For the week ending July 1st, 1.748M people were receiving jobless benefits through state or federal programs, a decrease of 15,800 from the previous week. There were 1.352M weekly claims filed for the comparable week in 2022.
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