May 3, 2021
The ISM Manufacturing Index declined 4.0 points to 60.7 in April, indicating industry expansion but at a slightly slower rate than in March. The Employment Index decreased 4.5 points to 55.1, while the New Orders Index decreased 3.7 points to 64.3. ISM Report
Construction spending increased 0.2% in March to an annualized rate of $1.51 trillion. Private construction rose 0.7%, while public construction fell 1.5%. Census Bureau Report
April 30, 2021
Real disposable personal income increased 23.0% in March, while real personal consumption expenditures (PCE) increased 3.6%. The PCE price index rose 0.5% (up 2.3% Y/Y), and the core price index rose 0.4% (up 1.8% Y/Y). BEA Report
The University of Michigan Consumer Sentiment Index increased 3.4 points to 88.3 in the final April reading and is up 16.5 points from April of last year. The Index of Consumer Expectations rose 3.0 points to 82.7, while the Current Economic Conditions Index rose 4.2 points to 97.2. University of Michigan
April 29, 2021
The advance estimate of Q1 GDP indicates that the U.S. economy expanded at an annualized rate of 6.4% in the first quarter, in line with estimates. The increase in real GDP reflects positive contributions from consumer spending, business investment, residential investment, and government spending that were partly offset by negative contributions from net exports and private inventories. BEA Report
Initial jobless claims decreased 13,000 to 553,000 last week. The four-week moving average decreased 44,000 to 611,750. DOL Report
The National Association of Realtors Pending Home Sales Index increased 1.9% in March (up 23.3% Y/Y). Over the past month, pending home sales rose in the Northeast, South, and West but declined in the Midwest. NAR Report
April 28, 2021
The U.S. Census Bureau Advance Economic Indicators Report shows that the goods deficit widened to $90.6 billion in March from $87.1 billion in February. Meanwhile, wholesale inventories rose 1.4% and retail inventories fell 1.4%. Census Bureau Report
The New York Times reports that domestic manufacturers are struggling with shortages of labor and parts as demand for goods surges amid the overall economic recovery. Factory production is expected to return to pre-pandemic levels by the third quarter of this year, but long-term trends suggest rebuilding employment in the manufacturing sector will be difficult, as manufacturing failed to fully recover lost jobs after each of the past several U.S. economic downturns. NYT
April 27, 2021
The Conference Board Consumer Confidence Index rose from 109.0 (revised) in March to 121.7 in April, its highest level since February 2020. The increase in the index was driven by improvement in consumers’ assessment of current business and labor market conditions. Conference Board Report
The Wall Street Journal reports that nearly 1.5 million fewer mothers of school-aged children were actively working in March 2021 compared to February 2020, highlighting the slow recovery of women’s participation in the workforce. Economists worry that the pandemic has exacerbated existing inequities for working mothers by weakening mothers’ ties to the workforce and making it more difficult for them to advance in their careers. WSJ