Census Bureau

Did US Consumers Finally Tap Out? BofA Internal Card Data Shows Significant July Spending Slowdown

According to Bank of America's internal aggregated credit and debit card data, consumer spending slowed in July, with retail sales ex-autos down 0.3% mom on a seasonally adjusted basis. As the bank concludes, "In our view, this sets up for a softer Census Bureau retail sales report on  Friday – we would not be surprised to see either disappointing July sales and/or a downward revision to June."

Atlanta Fed Sees Dramatic Surge In Economy, Pegs Q3 GDP At 3.8%

Dear Janet, you have a problem! With jobs surging, stocks at record highs, volatility near record lows, China stable, and Brexit behind us, today's shocking upgrade of the US economy by The Atlanta Fed (to +3.8% growth) leaves The Fed with little to no excuse for hiking rates at least once if not twice this year...

Don't Show Jack Welch This Chart...

In a miraculous case of deja vu all over again, after cratering for the first 5 months of the year (confirming an 'opposition' narrative of the economic weakness underlying a record high stock market), the jobs market has suddenly surged... now where have we seen this before?

Barack Obama Will Be The Only President In History To Never Have A Year Of 3% GDP Growth

Q2's US GDP growth data just crushed President Obama's 'fiction-peddling' that everything is awesome and those doom-and-gloom reality-pushers are cynical skeptics. Simply put, average annual growth rate during the current 'Obamanomics' business cycle remains the weakest of any expansion since at least 1949 leaving the orator-in-chief on track to be the only President in U.S. history to never have a single year when the economy grew by at least 3%.

US Futures Rise With All Eyes On Kuroda As Global Stocks Tread Water

Following yesterday's Fed decision and ahead of tonight's far more important BOJ announcement, European stocks have posted modest declines, Asian shares rise toward 9-month highs, while U.S. equity index futures are fractionally in the green in the aftermath of Facebook's blowout earnings. The dollar has extended on losses after Yellen reiterated a gradual approach to raising interest rates, and was down 0.5% in early trading.

New Home Sales Rebound To Highest Since 2008 As Median Home Price Rises Back Over $300,000

Moments ago the latest data from the Census Bureau shelved any lingering concerns about a sharp slowdown in the US housing market, when it reported that in June new home sales surged 25.4% from a year ago and up 3.5% from the upward revised May print of 572K to 592K, above the 560K expected, and the highest number reported since 2008, even if still well below half of the peak hit before the recession struck.

The "New Housing Crisis" – Not Enough Rental Homes?

The real crisis is not a lack of homes for people to buy, just a lack of enough homes for people to rent. Which says more about the “real economy” than just about anything else. While there are many hopes pinned on the housing recovery as a “driver” of economic growth in 2013, 2014, 2015, 2016 – the lack of recovery in the home ownership data suggests otherwise.

Key Events And Earnings In The Coming Week

The key economic releases this week include consumer confidence on Tuesday, the durable goods report on Wednesday, and the advance release of 2nd quarter GDP on Friday. The July FOMC statement will be released on Wednesday at 2PM. There are several scheduled speeches from Fed officials this week. 197 S&P 500 companies are due to report (or 38% of the index market cap) with the notable names including Apple, Verizon, Facebook, Coca-Cola, Alphabet, Exxon Mobil and Chevron.