USD News

Consumer credit in the U.S. increased by more than anticipated in the month of March, according to a report released by the Federal Reserve on Wednesday. The Fed said consumer credit climbed by $17.5 billion in March following a downwardly revised $13 billion increase in February.

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Business inventories in the U.S. rose in line with economist estimates in the month of March, according to a report released by the Commerce Department on Tuesday, with the report also showing a notable increase in business sales.

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With prices for fuel imports showing a notable pullback, the Labor Department released a report on Tuesday showing an unexpected decrease in U.S. import prices in the month of April.

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Producer prices rose by much more than anticipated in the month of April, according to a report released by the Labor Department on Wednesday, with the increase partly due to a sharp jump in food prices. The Labor Department said its producer price index for final demand rose by 0.6 percent in April following a 0.5 percent increase in March.

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The fewest Americans in seven years filed applications for unemployment benefits last week as the labor market continued to improve.

Jobless claims dropped by 24,000 to 297,000 in the week ended May 10, less than any economist projected in a Bloomberg survey and the least since May 2007, figures from the Labor Department showed today in Washington. The median estimate of 49 economists surveyed was 320,000. Firings have been slowing, setting the stage for continued growth in employment and wages. While payrolls rebounded in April after the holidays and a weather-induced soft patch earlier in the year, many companies are proceeding with caution until they see a sustained pickup in consumer spending, which accounts for about 70 percent of the economy.

“The way the job market continues to improve, the number of people collecting benefits keeps going down,” said Brian Jones, senior U.S. economist at Societe General in New York. “The labor market is fine.” Jones had the lowest forecast in the Bloomberg survey, at 303,000.

Source : bloomberg.com

Activity in the Philadelphia-area manufacturing sector expanded for the third consecutive month in May, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday, although the index of activity in the sector fell compared to the previous month.

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Homebuilder confidence in the U.S. unexpectedly deteriorated in the month of May, the National Association of Home Builders revealed in a report on Thursday, with the homebuilder confidence index dropping to its lowest level in a year. The report showed that the NAHB/Wells Fargo Housing Market Index edged down to 45 in May from a revised 46 in April.

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Consumer sentiment in the U.S. has unexpectedly deteriorated in the month of May, according to a report released by Thomson Reuters and the University of Michigan on Friday. The report showed that the preliminary reading on the consumer sentiment index for May came in at 81.8, down from the final April reading of 84.1.

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New residential construction in the U.S. showed a significant increase in the month of April, according to a report released by the Commerce Department on Friday, with housing starts jumping to their highest level in five months. The report said housing starts surged up 13.2 percent to an annual rate of 1.072 million in April from the revised March estimate of 947,000.

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Existing home sales in the U.S. showed the first increase this year in the month of April, according to a report released by the National Association of Realtors on Thursday, although sales rose by less than economists had anticipated. NAR said existing home sales rose 1.3 percent to a seasonally adjusted annual rate of 4.65 million in April from 4.59 million in March.

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