A decline in manufacturing activity helped push down the amount of output from the nation’s factories, mines and utilities in May, while prices at the wholesale level moved higher for the second straight month, according to economic reports released Wednesday.
One of the biggest drivers of the American economy is showing renewed signs of life as consumers seem to be more upbeat following a sluggish first quarter. However, an economic drag on trucking remains stubbornly high as prices at the wholesale level turned slightly higher.
Retail sales in the U.S. disappointed once again last month, causing high inventory levels to fall only marginally while wholesales prices declined, according to three separate reports released on Wednesday.
Retail sales in the U.S. fell for the second consecutive month during February, according to a new preliminary Commerce Department report, raising some concerns about overall economic growth this year.
New home starts in the U.S. fell in January to the lowest level in three months, but industrial production, which includes manufacturing, reversed its string of recent declines. At the same time, wholesale prices increased, leading some to believe interest rates may soon move higher.
The latest numbers about the state of the American economy show activity has slowed in key sectors, including one of the biggest drivers, with retail sales turning in its weakest improvement since 2009.
Both retail sales and prices at the wholesale level rose the most in months during November, according to two separate economic reports released on Friday. These will join other numbers that will be considered in a few days when the Federal Reserve considers an interest rate hike.
While a recent good unemployment report led some to speculate the Federal Reserve will raise interest rates at year-end, new numbers released Friday remind us there's more to the equation.
Wholesale prices advanced 0.4% in June, according to the U.S. Labor Department, more than many analysts were expecting.
Consumer confidence rebounded this month, with more people expecting increases in their wages, according to the University of Michigan Survey of Consumers released Friday.
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