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Monday, July 19, 2010

Economic Roundup: July 19, 2010



In the News

Retail sales saw a drop for June, according to advance estimates released by the Census Bureau last week. June retail sales, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $360.2 billion, the bureau said. This represented a 0.5 percent decrease from May, but was still 4.8 percent above June 2009 sales.
June's retail decline, the second consecutive monthly drop, was largely attributed to automotive sales, which were down 2.3 percent, and gasoline sales, which dropped 2 percent for the month.
"There looks to be sort of mild deceleration even into the month of July," Steven Wieting, managing director of economic and market analysis for Citigroup told the Washington Post. "All told, this is slowdown material."
That said, a drop in gas sales helped fuel respectable increases in some other retail categories. June enjoyed a 1.3 percent increase in electronics and appliance sales, and a 0.6 percent increase in clothing spending.
Meanwhile, the producer price index (PPI) for finished goods fell 0.5 percent in June, seasonally adjusted, the Bureau of Labor Statistics reported last week. June's decrease followed declines of 0.3 percent in May and 0.1 percent in April.
Prices paid by producers for intermediate materials, supplies and components decreased 0.9 percent in June, the first decline since July 2009, while crude goods dropped 2.4 percent.
Another notable drop was food prices, which fell 2.2 percent, marking the category's third straight decline. More than half of the June decrease can be attributed to prices for fresh and dry vegetables, which dropped 21.8 percent.
This week, watch the headlines for news on building permits (July 20) and housing starts (July 20) from the Census Bureau; initial jobless benefits claims (July 22) from the Employment and Training Administration; sales of existing homes (July 22) from the National Association of Realtors; and leading economic indicators (July 22) from the Conference Board.

Mark Ott

Loan Officer

W.J. Bradley Mortgage Capital Corp.

Office: 928-775-9330

NMLS: 189552

Building a
Secure Future


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This is not the opinion of Brad Bergamini, Realty Executives Northern Arizona or any of its affiliates.  This post is for informational purpose only and is not guaranteed and does not render as legal advice.  Buying and selling Real Estate in Arizona or Prescott Arizona is a serious task and should be consulted with personally with Realtor or Real Estate Attorney.  Please visit my website for contact information



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