Economic News Of Note: Indicators Point To Moderate U.S. Growth
- The Federal Reserve Bank of Chicago’s National Activity Index increased slightly to +0.34 in April from +0.32 in March, indicating continued moderate economic growth in the United States over the coming months.
- The manufacturing industries in the various parts of the United States remained strong in May. The Federal Reserve Bank of Richmond’s manufacturing index increased to +16 this month from -3 in April due to higher readings for shipments, new orders, and employment. The Federal Reserve Bank of Kansas City’s index for the Midwest also improved, rising to +29 in May from +26 in April due to increased activity at both durable and nondurable goods plants.
- The S. Labor Department announced last week that the number of individuals who filed for federal unemployment benefits increased to 234,000 for the week that ended May 19, an increase of 11,000 from 223,000 the previous week. The 4-week moving average also rose, as did the number of individuals who continued to file for benefits. That figure rose to 1.741 million for the week that ended May 12 from 1.712 million the week before.
- In other economic news: wholesale trade in Canada increased 1.1 percent from March to April, the largest monthly increase in five months; the University of Michigan consumer sentiment index for the United States fell in May; and the number of new homes sold in the United States fell 1.5 percent from March 2018 to April 2018, but increased 11.6 percent between April 2017 and April 2018.