This Week’s Top Economic Data Points: U.S., Canadian Economic Growth Readings Disappoint
- The U.S. economy expanded at a 1.4 percent annualized rate in the first quarter of 2017, down from 2.1 percent in the final quarter of 2016. In other economic growth news: the Chicago Federal Reserve Board’s National Activity Index fell to -0.26 in May from +0.57 in April.
- The Canadian economy grew at a 0.2 percent rate in April, down from a 0.5 percent growth rate in March. The services sector expanded by 0.3 percent while growth in the goods-producing sector was flat.
- The Dallas Federal Reserve Bank announced last week that its manufacturing survey for Texas had fallen to +15 in June from +17 in May due to reductions in production and new orders. The Richmond Federal Reserve Bank’s manufacturing survey increased, meanwhile, to +7 in June from +1 in May. Readings for both shipments and new orders increased.
- According to the U.S. Department of Labor, 244,000 individuals filed for federal unemployment benefits for the first time during the week that ended June 24, up from 242,000 the week before. The four-week moving average of first-time claims fell slightly, however, while the number of individuals who continued to receive benefits also rose. That figure increased to 1.948 million for the week that ended June 17 from 1.942 million the week before. The four-week moving average of continuing claims also increased.
- In other economic news: personal incomes in the United States expanded 0.4 percent from April 2017 to May 2017; the University of Michigan consumer sentiment index fell to 95.1 in June from 97.1 in May; and the Conference Board index of consumer confidence increased to 118.9 this month from 117.6 in May.