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July 15, 2013

Retail Sales and Busines Inventories Soft.

July 15, 2013

Retail Sales and Busines Inventories Soft.

Retail Sales  (June 2013)

– Retail Sales Month/Month +0.4%

– Retail Sales less autos Month/Month 0.0%

– Retail Sales Less Autos & Gas Month/Month -0.1%. Previous was +0.3%.

The last item is of concern. Economic growth (increased GDP) will not happen is this number is negative.

Empire State Manufacturing Survey  (July 2013)

– General Business Conditions Index 9.46.  Previous was 7.84.

This is a survey index of manufacturers in New York State taken by the New York Fed. The data is positive but the fact that manufacturing in New York State is regularly reported as an economic fundamental is a relic. In 1947 more than one-third of the state’s employed population was in manufacturing. Now the state is (according to BLS 2010 report) 9th in the nation in manufacturing jobs. New York’s economy is strong but is now based in services.

 

Business Inventories  (May 2013)

– Inventories  Month/Month 0.1%. Previous was +0.3%.