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Activity in the U.S. service sector expanded at a modestly faster rate in the month of June, according to a report released by the Institute for Supply Management on Monday, although the index of activity in the sector rose by slightly less than expected.
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An unexpected decline in output in the United States prompted the International Monetary Fund to lower the global growth forecast for this year, while warning that the uncertainty in Greece and re-balancing in China could pose risks to the outlook.
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Wholesale inventories in the U.S. increased by much more than expected in the month of May, according to a report released by the Commerce Department on Friday. The report said wholesale inventories increased by 0.8 percent in May after rising by 0.4 percent in April.
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Import prices in the U.S. unexpectedly saw a modest decrease in the month of June, according to a report released by the Labor Department on Tuesday, with a drop in non-fuel prices more than offsetting an increase in fuel prices.
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Business inventories in the U.S. rose in line with economist estimates in the month of May, according to a report released by the Commerce Department on Tuesday. The report said business inventories rose by 0.3 percent in May after climbing by 0.4 percent in April.
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Manufacturing activity in the mid-Atlantic region increased at a slower rate in the month of July, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday. The Philly Fed said its diffusion index of current activity tumbled to 5.7 in July from 15.2 in June.
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Partly reflecting another notable increase in energy prices, the Labor Department released a report on Friday showing that U.S. consumer prices rose in line with economist estimates in the month of June.
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After reporting a sharp increase in U.S. existing home sales in the previous month, the National Association of Realtors released a report on Wednesday showing that existing home sales saw further upside in June to reach their highest level in over eight years.
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Pointing to continued strength in the economic outlook for the remainder of the year, the Conference Board released a report on Thursday showing another bigger than expected increase by its index of leading U.S. economic indicators.
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In an upbeat sign for the job market, the Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits tumbled to their lowest level in over forty years in the week ended July 18th.
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