Philly Fed Manufacturing Index Plunges Toward Zero, Gold Price Climbs
The Philadelphia Fed’s manufacturing index fell to just 0.3 in June from 16.6 in May. The index is now near levels seen in February when it hit zero, indicating ongoing weakness in the manufacturing industry.
Jobless Claims Fall More Than Expected, Gold Prices Soar Toward 5-Year High
The number of Americans filing applications for unemployment benefits dropped to 216,000 last week, below expectations. The data indicates ongoing strength in the labor market despite a pronounced slowdown in job growth in May.
US Retail Sales Climb for Second Straight Month, April Figures Revised Higher
US retail sales saw gains in May with increases in spending on autos, electronic gadgets and appliances. The Commerce Department released a statement saying that headlines rose 0.5% for the month of May vs. a 0.3% rise in April which was revised upward from -0.2% decline.
Gold Prices Climb as Jobless Claims Spike Unexpectedly
The number of Americans filing applications for unemployment benefits rose unexpectedly for the week ended June 08, sparking concerns that the labor market may be slowing down. Initial jobless claims rose to 222,000 vs. 215,000 expected.
Cheap Gasoline Keeps Consumer Prices Low in May, Gold Price Rises
US consumer prices remained relatively flat through May with rising food costs offset by a drop in the price of gasoline. The consumer price index (CPI) rose 0.1% as expected vs. 0.3% the month prior.
Producer Prices Increase in May, Gold Price Drops
Producer prices rose in May by 0.1% as expected according to a Labor Department report released on Tuesday, spurred on by a boom in the cost of hotel accommodation and other services. The data points to increased inflation pressures, and indicates that the economy is continuing its strong period of expansion.
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