U.S. Economic News
August 14, 2020
U.S. Economic Indicators
Retail sales rose 1.2% in July, up 2.7% from a year ago. Core sales – which exclude autos, gasoline, building materials, and food services – increased 1.4%. Census Bureau Report
Nonfarm business sector labor productivity increased 7.3% in Q2 and rose 2.2% compared to the previous year. Hours worked decreased 13.7% and unit labor costs increased 12.2%. BLS Report
Industrial production increased 3.0% in July but is down 8.2% year-over-year. Capacity utilization increased 2.1 points to 70.6. Fed Report
Business inventories fell 1.1% in June and have decreased 5.8% since June of last year. Manufacturers’ sales increased 9.8% in June but declined 7.1% compared to year-ago levels. Census Bureau Report
The University of Michigan Consumer Sentiment Index increased 0.3 point to 72.8 in the preliminary August reading and is down 17 points from August of last year. The Index of Consumer Expectations fell 0.4 point to 66.5, while the Current Economic Conditions Index fell 0.3 point to 82.5. University of Michigan