The Weekly Breadline, a brief series of indicators that together paint the most recent picture of US economic activity, is produced to help our clients plan during this extremely confusing and unpredictable period due to COVID-19.
Retail sales for August came in below economists’ expectations, increasing 0.6 percent from the prior month, and up just 2.6 percent above August 2019.
After falling for 7 straight weeks, crude oil inventories shot up by 1.73 million barrels, while prices fell by 2.5 percent. falling for 7 straight weeks, crude oil inventories shot up by 1.73 million barrels, while prices fell by 2.5 percent.
According to the Bureau of Labor Statistics, productivity increased by 10.1 percent in the second quarter, the fastest quarterly increase since 1971.
New home sales are at the highest levels in over a year, with new home sales up from 776,000 in June to 901,000 in July 2020 and up from 635,000 in the previous year.
Weekly initial unemployment claims surged back over the 1 million mark, rising by 135,000 to 1,106,000.
Early in the crisis, US spot prices actually exceeded the world market. WTI spot is now back to $41.94 with Brent at $44.19 per barrel.
New claims for unemployment insurance fell for the first time in a couple weeks.
Last week, the Dow Jones Transportation Index reached its highest point since February increasing from 9,730.12 to 9,994.81.
Consumer Debt increased for the fourth week in a row, rising from $1,520.76 billion to $1,521.49 billion.
Reaching its highest point in over a year, Spot copper prices climbed last week to $2.935/lb from $2.860/lb.
Interest rates on 10-year Treasury Bonds fell last week from 0.69 to 0.62.
For the first time in months Consumer Debt rose last week from $1,511.71 billion to $1,517.13.