Robert Hughes

The initial estimate for second-quarter real gross domestic product shows the economy expanded at a 2.6 percent annualized rate, up from a revised 1.2 percent pace in the first quarter. The 2.6 percent growth rate is solidly above the 2.1 percent average annualized pace since 2009. Price measures included in the report show price increases…

New orders for nondefense aircraft and parts surged 131.2 percent in June to $25.3 billion, the third-highest on record. The backlog of unfilled orders rose $13.3 billion to $585.6 billion, just 4.3 percent below its all-time record reached in 2014. The surge in aircraft orders helped push total manufacturers’ new orders up 6.5 percent in…

Consumer confidence as gauged by The Conference Board’s consumer-confidence survey improved in July, rising to 121.1 from 117.3 in June. The result differs from the slightly lower consumer-sentiment data from the University of Michigan released last week. The two surveys show similar results for consumers’ attitudes about current conditions. The Conference Board survey’s Present Situation…

The latest data on new filings for unemployment insurance suggest the labor market remains tight. Data from the Employment and Training Administration within the Department of Labor show initial claims for new unemployment insurance fell to 233,000 for the week of July 15. The weekly result is down from a revised 248,000 in the prior…

New-housing-unit starts rose 8.3 percent in June to 1.22 million, led by a 15.4 percent jump in structures with five or more units. Single-family starts rose by a more modest 6.3 percent in the month. Despite the increase, starts remain about 9 percent below the recovery peak of 1.33 million hit in October 2016. Average…

Several economic reports released today provide additional evidence that the economy appears to be heading into a soft patch. First-quarter real GDP posted a meek 1.4 percent gain, held back by sharply lower auto sales. Data so far for the second quarter show continuing weakness in autos and housing. Softer GDP, housing and autos emerged…

The National Federation of Independent Business reported a drop of 0.9 points in its Small Business Optimism Index, a composite of 10 indicators created from its monthly survey of small-business members. The index came in at 103.6 in June, down from 104.5 in May. The index is constructed with 1986 set to 100. June marked…

The U.S. economy added 222,000 jobs in June, the largest gain since February. Combined with upward revisions to the prior two months, the three-month average gain is 194,000, also the highest since February. Along with a rise in hours worked, a rise in average hourly earnings, and an increase in the labor force participation rate,…

The latest Manufacturing Report on Business and Non-Manufacturing Report on Business from the Institute for Supply Management suggest economic activity generally improved in June. The Manufacturing Purchasing Managers Index, a composite index for overall activity in the manufacturing sector, rose to 57.8 in June from 54.9 in May. For these measures, 50 is neutral. The…

The value of shipments from U.S. manufacturers rose 0.1 percent in May, according to newly released data from the Department of Commerce. Total shipments are up 4.9 percent compared to the same period last year. May marks the sixth month in a row that year-over-year growth has exceeded 4 percent, the longest stretch since 2012.…