The U.S. current-account deficit, which reflects the combined balances on trade in goods and services and income flows between U.S. residents and residents of other countries, narrowed by $2.4 billion, or 1.1 percent, to $212.1 billion in the second quarter of 2023, according to statistics released today by the U.S. Bureau of Economic ...

Manufacturing activity in the region declined overall, according to the firms responding to the September Manufacturing Business Outlook Survey. The survey's indicators for general activity, new orders, and shipments returned to negative territory after turning positive in August. On balance, the firms continued to report a decline in ...

n the week ending September 16, the advance figure for seasonally adjusted initial claims was 201,000, a decrease of
20,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 220,000 to
221,000. The 4-week moving average was 217,000, a decrease of 7,750 from the previous week's revised ...

Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. Inflation remains elevated.

The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks. ...

Mortgage applications increased 5.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 15, 2023. Last week’s results included an adjustment for the Labor ...

Building Permits
Privately‐owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 1,543,000. This is 6.9 percent above the revised July rate of 1,443,000, but is 2.7 percent below the August 2022 rate of 1,586,000. Single‐family authorizations in August were at a rate of 949,000; this is ...

Persistently high mortgage rates above 7% continue to erode builder confidence, as sentiment levels have dropped below the key break-even measure of 50 for the first time in five months.

Builder confidence in the market for newly built single-family homes in September fell five points to 45, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released today. This follows a six-point drop in August. ...

Consumer sentiment inched down a scant 1.8 index points this month and has been essentially flat for the past two months. At 67.7 points, sentiment is currently about 35% above the all-time historic low reached in June of 2022 but remains shy of the historical average reading of 86. Sentiment this month was characterized by divergent ...

Industrial production increased 0.4 percent in August, and manufacturing output inched up 0.1 percent. The August reading for manufacturing was held back by a drop of 5 percent in the output of motor vehicles and parts; factory output elsewhere rose 0.6 percent. The index for mining moved up 1.4 percent, and the index for utilities climbed ...

U.S. import prices rose 0.5 percent in August, after ticking up 0.1 percent the previous month, the U.S. Bureau of Labor Statistics reported today. The August advance was led by higher fuel prices. Prices for U.S. exports increased 1.3 percent in August following a 0.5-percent rise ...

Business activity was little changed in New York State, according to firms responding to the September 2023 Empire State Manufacturing Survey. The headline general business conditions index rose twenty-one points to 1.9. New orders and shipments increased. Delivery times remained steady, and inventories continued to contract. Labor ...

The combined value of distributive trade sales and manufacturers’ shipments for July, adjusted for seasonal and trading day differences but not for price changes, was estimated at $1,828.4 billion, up 0.6 percent (±0.1 percent) from June 2023, but was down 1.2 percent (±0.3 percent) from ...

In the week ending September 9, the advance figure for seasonally adjusted initial claims was 220,000, an increase of
3,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 216,000 to
217,000. The 4-week moving average was 224,500, a decrease of 5,000 from the previous week's revised ...

The Producer Price Index for final demand increased 0.7 percent in August, seasonally adjusted,
after rising 0.4 percent in July, the U.S. Bureau of Labor Statistics reported today. (See table A.)
The August advance is the largest increase in final demand prices since moving up 0.9 percent in
June 2022. On an unadjusted basis, the index ...

Advance estimates of U.S. retail and food services sales for August 2023, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $697.6 billion, up 0.6 percent (±0.5 percent) from the previous month, and up 2.5 percent (±0.7 percent) above August 2022. Total sales for the June 2023 through ...

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.6 percent in August on a seasonally adjusted basis, after increasing 0.2 percent in July, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.7 percent before ...

All employees

Real average hourly earnings for all employees decreased 0.5 percent from July to August, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. This result stems from an increase of 0.2 percent in average hourly earnings combined with an increase of 0.6 ...

Mortgage applications decreased 0.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 8, 2023. This week’s results included an adjustment for the Labor ...

NFIB’s Small Business Optimism Index decreased 0.6 of a point in August to 91.3, the 20th consecutive month below the 49-year average of 98. Twenty-three percent of small business owners reported that inflation was their single most important business problem, up two points from last month. The net percent of owners raising average selling ...

Nonfarm business sector labor productivity increased 3.5 percent in the second quarter of 2023, the U.S. Bureau of Labor Statistics reported today, reflecting a 0.2-percentage point downward revision from the preliminary estimate. Output increased 1.9 percent and hours worked decreased 1.5 percent in the second quarter of 2023. The decline ...

In the week ending September 2, the advance figure for seasonally adjusted initial claims was 216,000, a decrease of
13,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 228,000 to
229,000. The 4-week moving average was 229,250, a decrease of 8,500 from the previous week's revised ...

Overall Economic Activity
Contacts from most Districts indicated economic growth was modest during July and August. Consumer spending on tourism was stronger than expected, surging during what most contacts considered the last stage of pent-up demand for leisure travel from the pandemic era. But other retail spending continued to slow, ...

Economic activity in the services sector expanded in August for the eighth consecutive month as the Services PMI® registered 54.5 percent, say the nation's purchasing and supply executives in the latest Services ISM® Report On Business®. The sector has grown in 38 of the last 39 months, with the lone contraction in December of ...

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $65.0 billion in July, up $1.3 billion from $63.7 billion in June, revised.

Exports, Imports, and Balance
July exports were $251.7 billion, $3.9 billion more than June exports. July imports were $316.7 billion, $5.2 billion more than June imports. The July increase in the goods and services deficit reflected an increase in the goods deficit of ...

Mortgage applications decreased 2.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 1, 2023.

The Market Composite Index, a measure of mortgage loan application volume, decreased 2.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5 percent compared with the previous week. The Refinance Index decreased 5 ...

Economic activity in the manufacturing sector contracted in August for the 10th consecutive month following a 28-month period of growth, say the nation's supply executives in the latest Manufacturing ISM® Report On Business®.

The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey Committee: ...

Total Construction
Construction spending during July 2023 was estimated at a seasonally adjusted annual rate of $1,972.6 billion, 0.7 percent (±0.5 percent) above the revised June estimate of $1,958.9 billion. The July figure is 5.5 percent (±1.2 percent) above the July 2022 estimate of $1,869.3 billion. During the first seven months of this ...

Total nonfarm payroll employment increased by 187,000 in August, and the unemployment rate rose to 3.8 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in health care, leisure and hospitality, social assistance, and construction. Employment in transportation and ...

One of the standout numbers in the Chicago Business Barometer, produced with MNI, is the big jump in Prices Paid, which increased substantially by +11.9 points to 74.0. This was the highest level since October 2022.Fewer respondents saw prices unchanged, with over 50% reporting having paid higher prices.Historically the national ISM ...

Personal income increased $45.0 billion (0.2 percent at a monthly rate) in July, according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI), personal income less personal current taxes, increased $7.3 billion (less than 0.1 percent) and personal consumption expenditures (PCE) increased $144.6 ...

In the week ending August 26, the advance figure for seasonally adjusted initial claims was 228,000, a decrease of 4,000
from the previous week's revised level. The previous week's level was revised up by 2,000 from 230,000 to 232,000. The
4-week moving average was 237,500, an increase of 250 from the previous week's revised average. The ...

U.S.-based employers announced 75,151 cuts in August, a 217% increase from the 23,697 cuts announced one month prior. It is 267% higher than the 20,485 cuts announced in the same month in 2022, according to a report released Thursday from global outplacement and business and executive coaching firm Challenger, Gray & Christmas, Inc. So far ...

Pending home sales increased 0.9% in July – rising for the second consecutive month – according to the National Association of REALTORS®. The Northeast and Midwest posted monthly losses, while sales in the South and West grew. All four U.S. regions saw year-over-year declines ...

Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the second quarter of 2023 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 2.0 percent.

The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 2.4 percent (refer to "Updates to GDP"). The updated estimates primarily reflected ...

Private sector employment increased by 177,000 jobs in August and annual pay was up 5.9 percent year-over-year, according to the August ADP® National Employment ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab ...

Mortgage applications increased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 25, 2023.

The Market Composite Index, a measure of mortgage loan application volume, increased 2.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1 percent compared with the previous week. The Refinance Index increased 3 ...

The number of job openings edged down to 8.8 million on the last business day of July, the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires and total separations changed little at 5.8 million and 5.5 million, respectively. Within separations, quits (3.5 million) decreased, while layoffs and discharges ...

The Conference Board Consumer Confidence Index® declined in August to 106.1 (1985=100), from a downwardly revised 114.0 in July. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—fell to 144.8 (1985=100) from 153.0. The Expectations Index— based on consumers’ short-term outlook for ...

S&P Dow Jones Indices (S&P DJI) today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for June 2023 show all 20 major metro markets reported month-over-month price increases for the fourth straight ...

According to the Paychex | IHS Markit Small Business Employment Watch, the national Small Business Jobs Index — which measures the rate of small business job growth in the U.S. — is essentially flat at 99.10, a decrease of 0.04% in August. Meanwhile, an hourly earnings growth rate of 3.98% among U.S. small businesses is unchanged in August ...

Texas factory activity contracted again in August, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, fell six points to -11.2—its lowest level since May 2020.

Other measures of manufacturing activity also indicated contraction in August. The new orders index has been in negative territory for more than a year and posted a reading of -15.8, up slightly from July. The capacity utilization index edged down to -3.7, and the shipments ...

Consumer sentiment was relatively unchanged in August and ended the month with its second-highest reading in 21 months, according to the University of Michigan Surveys of Consumers.

This follows two months of large jumps in sentiment resulting from the substantial slowdown in inflation and ongoing strength in labor markets. Overall, consumers remain supported by strong income expectations, but they perceive few meaningful improvements in August ...

Tenth District manufacturing activity was unchanged in August, and expectations for future activity rose slightly. District firms’ finished product prices continued to decline on a monthly basis even as raw materials prices increased. Firms continue to expect input and output price increases in the next ...

In the week ending August 19, the advance figure for seasonally adjusted initial claims was 230,000, a decrease of
10,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 239,000 to
240,000. The 4-week moving average was 236,750, an increase of 2,250 from the previous week's revised ...

New Orders
New orders for manufactured durable goods in July, down following four consecutive monthly increases, decreased $15.5 billion or 5.2 percent to $285.9 billion, the U.S. Census Bureau announced today. This followed a 4.4 percent June increase. Excluding transportation, new orders increased 0.5 percent. Excluding defense, new ...

Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) rose to +0.12 in July from –0.33 in June. Two of the four broad categories of indicators used to construct the index increased from June, and two of the four categories made positive contributions in July. The index’s three-month moving ...

New Home Sales
Sales of new single‐family houses in July 2023 were at a seasonally adjusted annual rate of 714,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4.4 percent (±12.8 percent)* above the revised June rate of 684,000 and is 31.5 percent ...

Mortgage applications decreased 4.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 18, 2023.

The Market Composite Index, a measure of mortgage loan application volume, decreased 4.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6 percent compared with the previous week. The Refinance Index decreased 3 ...

Existing-home sales receded in July, according to the National Association of Realtors®. Among the four major U.S. regions, sales grew in the West but faded in the Northeast, Midwest and South. All four regions registered year-over-year sales declines.

Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – waned 2.2% from June to a seasonally adjusted annual rate of 4.07 million in July. Year-over-year, sales slumped 16.6% (down from 4.88 million in July ...

Fifth District manufacturing activity remained sluggish in August, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index edged up from −9 in July to −7 in August. Two of its three component indexes — shipments and new orders — also increased. The shipments index edged up from −6 in July ...