About Jacksonville's Argyle

The trade deficit increased 15.1% to $50.2 billion in May from a revised $43.6 billion in April. Exports fell 0.5% to $174.9 billion. Imports increased 2.6% to $225.1 billion.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending July 8 fell 5.1%. Refinancing applications decreased 6.2%. Purchase volume fell 2.6%.

The producer price index, which tracks wholesale price inflation, fell 0.4% in June after a 0.2% increase in May. For the year, seasonally adjusted wholesale prices are up 7%. Core prices - excluding food and fuel - rose 0.3% in June.

Retail sales rose 0.1% to $387.8 billion in June after a revised 0.1% decrease in May. On a year-over-year basis, retail sales rose 8.1%.

Total business inventories rose 1% in May to $1.514 trillion, up 11.6% from a year ago. Total business sales decreased 0.1% to $1.184 trillion in May, also up 11.6% from a year ago. The total business inventories/sales ratio in May was 1.28.

Consumer prices fell a seasonally adjusted 0.2% in June, following a 0.2% increase in May. For the year, seasonally adjusted consumer prices are up 3.4%.

Industrial production at the nation's factories, mines and utilities rose 0.2% in June. Compared to a year ago, industrial production is up 3.4%. Capacity utilization remained unchanged at 76.7% in June.

Initial claims for unemployment benefits fell by 22,000 to 405,000 for the week ending July 9. Continuing claims for the week ending July 2 rose by 15,000 to 3.7 million.

Upcoming on the economic calendar are reports on the housing market index on July 18, housing starts on July 19 and existing home sales on July 20.

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Last Week in the News

Factory orders rose 0.8% in May to a seasonally adjusted $445.29 billion, following an upwardly revised 0.9% decrease in April. Excluding the volatile transportation sector, orders rose 0.2% in May.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending July 1 fell 5.2%. Refinancing applications decreased 9.2%. Purchase volume rose 4.8%.

The Institute for Supply Management reported that the monthly composite index of non-manufacturing activity fell to 53.3 in June from 54.6 in May. A reading above 50 signals expansion. It was the 18th straight month of expansion in the services sector.

Wholesalers increased their inventories 1.8% to $456.3 billion in May. This followed a 0.8% rise in April. Sales at the wholesale level fell 0.2% in May to $393.7 billion. On a year-over-year basis, sales were 14.5% higher since May 2010.

Retail sales rose 1.5% for the week ending July 2, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 3.5%.

According to the Federal Reserve, consumer credit debt rose in May by $5.1 billion for a total credit level of $2.43 trillion. Revolving debt, which includes credit cards, rose by $3.4 billion. Non-revolving debt, including loans for cars, rose by $1.7 billion.

Initial claims for unemployment benefits fell by 14,000 to 418,000 for the week ending July 2. Continuing claims for the week ending June 25 fell by 43,000 to 3.7 million. The monthly unemployment rate rose to 9.2% in June from 9.1% in May.

Upcoming on the economic calendar are reports on international trade on July 12, retail sales on July 14 and industrial production on July 15.

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