March 2024 sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading day differences but not for price changes, were $662.8 billion, down 1.3 percent (±0.5 percent) from the revised February level, but were up 1.4 percent (±0.9 percent) from the revised March 2023 ...

Mortgage applications increased 2.6 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending May 3, 2024. The Market Composite Index, a measure of mortgage loan application volume, increased 2.6 percent on a seasonally adjusted basis from one ...

Consumer credit increased at a seasonally adjusted annual rate of 3.2 percent during the first quarter. Revolving credit increased at an annual rate of 5.7 percent, while nonrevolving credit increased at an annual rate of 2.2 percent. In March, consumer credit increased at an annual rate of ...

The Conference Board Employment Trends Index™ (ETI) decreased in April to 111.25, from a downwardly revised 112.16 in March. The Employment Trends Index is a leading composite index for employment. When the Index increases, employment is likely to grow as well, and vice versa. Turning points in the Index indicate that a change in the trend of ...

Economic activity in the services sector contracted in April for the first time since December 2022, ending a period of 15 consecutive months of growth, say the nation's purchasing and supply executives in the latest Services ISM® Report On Business®. The Services PMI® registered 49.4 percent; it indicated sector expansion in 45 of the previous ...

Total nonfarm payroll employment increased by 175,000 in April, and the unemployment rate changed little at 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, in social assistance, and in transportation and warehousing.

This news release presents statistics from two monthly surveys. The household survey measures labor force status, including unemployment, by demographic characteristics. The establishment survey measures nonfarm employment, hours, and earnings by industry. For more ...

Summary
New orders for manufactured goods in March, up two consecutive months, increased $9.1 billion or 1.6 percent to $584.5 billion, the U.S. Census Bureau reported today. This followed a 1.2 percent February increase. Shipments, also up two consecutive months, increased $1.5 billion or 0.3 percent to $583.3 billion. This followed a 1.4 ...

Nonfarm business sector labor productivity increased 0.3 percent in the first quarter of 2024, the U.S. Bureau of Labor Statistics reported today, as output increased 1.3 percent and hours worked increased 1.0 percent. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the same quarter a year ago, ...

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $69.4 billion in March, down $0.1 billion from $69.5 billion in February, revised.

Exports, Imports, and Balance ...

In the week ending April 27, the advance figure for seasonally adjusted initial claims was 208,000, unchanged from the
previous week's revised level. The previous week's level was revised up by 1,000 from 207,000 to 208,000. The 4-week
moving average was 210,000, a decrease of 3,500 from the previous week's revised average. The ...

U.S.-based employers announced 64,789 cuts in April, a 28% decrease from the 90,309 cuts announced one month prior. It is down 3.3% from the 66,995 cuts announced in the same month in 2023, according to a report released Thursday from global outplacement and business and executive coaching firm Challenger, Gray & Christmas, Inc.
So far this ...

Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. In recent months, there has been a lack of further progress toward the Committee's 2 percent ...

Total Construction
Construction spending during March 2024 was estimated at a seasonally adjusted annual rate of $2,083.9 billion, 0.2 percent (±0.8 percent)* below the revised February estimate of $2,087.8 billion. The March figure is 9.6 percent (±1.3 percent) above the March 2023 estimate of $1,901.4 billion. During the first three months ...

Economic activity in the manufacturing sector contracted in April after one month of expansion following 16 consecutive months of contraction, say the nation's supply executives in the latest Manufacturing ISM® Report On Business®.

The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey Committee: ...

Private sector employment increased by 192,000 jobs in April and annual pay was up 5.0 percent year-over-year, according to the April ADP® National Employment ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab (“Stanford ...

The number of job openings changed little at 8.5 million on the last business day of March, the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires changed little at 5.5 million while the number of total separations decreased to 5.2 million. Within separations, quits (3.3 million) and layoffs and discharges ...

Mortgage applications decreased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending April 26, 2024. The Market Composite Index, a measure of mortgage loan application volume, decreased 2.3 percent on a seasonally adjusted basis from one ...

The Conference Board Consumer Confidence Index® deteriorated for the third consecutive month in April, retreating to 97.0 (1985=100) from a downwardly revised 103.1 in March. Despite these three months of weakness, the gauge continues to move sideways within a relatively narrow range that’s largely held steady for more than ...

The Chicago Business Barometer™, produced with MNI descended 3.5 points to 37.9 in April. This is the fifth consecutive monthly fall, pushing the index to its lowest levels since November 2022. We also note that this print is 7.5 points below the 2023 average. THE MOVE LOWER WAS DRIVEN BY FALLS IN NEWS ORDERS, PRODUCTION, AND EMPLOYMENT ...

S&P Dow Jones Indices (S&P DJI) today released the February 2024 results for the S&P CoreLogic Case-Shiller Indices. The leading measure of U.S. home prices shows that 18 out of the 20 major metro markets reported month-over-month price increases.

YEAR-OVER-YEAR
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 6.4% annual gain for February, up from a 6.0% rise in the previous month. The 10-City Composite showed an increase of 8.0%, up from a 7.4% ...

Compensation costs for civilian workers increased 1.2 percent, seasonally adjusted, for the 3-month period ending in March 2024, the U.S. Bureau of Labor Statistics reported today. Wages and salaries increased 1.1 percent and benefit costs increased 1.1 percent from December 2023. (See tables A, 1, 2, ...

Hourly Earnings Growth for U.S. Small Business Workers Increases and Job Growth Slows Amid Tight Job Market. According to the Paychex Small Business Employment Watch, hourly earnings growth increased slightly to 3.34%, ending a nearly two-year trend of deceleration, and job growth slowed in April. U.S. small businesses with fewer than 50 ...

Sentiment has remained essentially unchanged since January 2024, continuing the plateau that followed the large gains seen at the end of 2023, according to the University of Michigan Surveys of Consumers.

The long-run business outlook lifted slightly to reach its highest reading since June 2021, while views of personal finances softened amid renewed discontent with high prices, said U-M economist Joanne Hsu, director of the Surveys of Consumers. Overall, consumers perceived ...

Personal income increased $122.0 billion (0.5 percent at a monthly rate) in March, according to estimates released today by the Bureau of Economic Analysis (tables 2 and 3). Disposable personal income (DPI), personal income less personal current taxes, increased $104.0 billion (0.5 percent) and personal consumption expenditures (PCE) ...

The month-over-month composite index was -8 in April, down from -7 in March and -4 in February. The composite index is an average of the production, new orders, employment, supplier delivery time, and raw materials inventory indexes. Activity declined somewhat for both durable and nondurable goods, with food, metals, electrical equipment, ...

Pending home sales in March climbed 3.4%, according to the National Association of REALTORS®. The Northeast, South and West posted monthly gains in transactions while the Midwest recorded a loss. Year-over-year, the Northeast and South registered decreases but the Midwest and ...

Real gross domestic product (GDP) increased at an annual rate of 1.6 percent in the first quarter of 2024 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2023, real GDP increased 3.4 percent.

The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (refer to "Source Data for the Advance Estimate" on page 3). The "second" estimate for the first quarter, based on more complete source data, will ...

Nonmanufacturing activity in the region expanded overall this month, according to the firms responding to the April Nonmanufacturing Business Outlook Survey. The indexes for general activity at the firm level, new orders, and sales/revenues were all positive. The full- and part-time employment indexes suggest overall increases in employment. ...

In the week ending April 20, the advance figure for seasonally adjusted initial claims was 207,000, a decrease of 5,000
from the previous week's unrevised level of 212,000. The 4-week moving average was 213,250, a decrease of 1,250 from
the previous week's unrevised average ...

New Orders
New orders for manufactured durable goods in March, up two consecutive months, increased $7.3 billion or 2.6 percent to $283.4 billion, the U.S. Census Bureau announced today. This followed a 0.7 percent February increase. Excluding transportation, new orders increased 0.2 percent. Excluding defense, new orders increased 2.3 ...

Mortgage applications decreased 2.7 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending April 19, 2024. The Market Composite Index, a measure of mortgage loan application volume, decreased 2.7 percent on a seasonally adjusted basis from one ...

New Home Sales
Sales of new single‐family houses in March 2024 were at a seasonally adjusted annual rate of 693,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 8.8 percent (±17.2 percent)* above the revised February rate of 637,000 and is 8.3 percent ...

Fifth District manufacturing activity remained slow in April, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index increased from −11 in March to −7 in April. Of its three component indexes, shipments increased from −14 to −10, new orders increased from −17 to −9, and employment fell ...

The Chicago Fed National Activity Index (CFNAI) increased to +0.15 in March from +0.09 in February. Two of the four broad categories of indicators used to construct the index increased from February, and two categories made positive contributions in March. The index's three-month moving average, CFNAI-MA3, increased to –0.19 in March from –0.28 ...

The Conference Board Leading Economic Index® (LEI) for the U.S. decreased by 0.3 percent in March 2024 to 102.4 (2016=100), after increasing by 0.2 percent in February. Over the six-month period between September 2023 and March 2024, the LEI contracted by 2.2 percent—a smaller decrease than the 3.4 percent decline over the previous ...

Existing-home sales slipped in March, according to the National Association of REALTORS®. Among the four major U.S. regions, sales slid in the Midwest, South and West, but rose in the Northeast for the first time since November 2023. Year-over-year, sales decreased in ...

Manufacturing activity in the region continued to expand this month, according to the firms responding to the April Manufacturing Business Outlook Survey. The survey's indicators for general activity, new orders, and shipments all rose. However, the employment index remained negative. Both price indexes continue to suggest overall price ...

In the week ending April 13, the advance figure for seasonally adjusted initial claims was 212,000, unchanged from the
previous week's revised level. The previous week's level was revised up by 1,000 from 211,000 to 212,000. The 4-week
moving average was 214,500, unchanged from the previous week's revised average. The previous week's ...

The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for February 2024. The sum total in February of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $51.6 billion. Of this, net foreign private inflows were $36.2 billion, and ...

Overall Economic Activity
Overall economic activity expanded slightly, on balance, since late February. Ten out of twelve Districts experienced either slight or modest economic growth—up from eight in the previous report, while the other two reported no changes in activity. Consumer spending barely increased overall, but reports were quite ...

Mortgage applications increased 3.3 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending April 12, 2024. The Market Composite Index, a measure of mortgage loan application volume, increased 3.3 percent on a seasonally adjusted basis from one ...

Industrial production rose 0.4 percent in March but declined at an annual rate of 1.8 percent in the first quarter. Manufacturing output increased 0.5 percent in March, boosted in part by a gain of 3.1 percent in motor vehicles and parts; factory output excluding motor vehicles and parts moved up 0.3 percent. The index for mining fell 1.4 ...

Building Permits
Privately‐owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,458,000. This is 4.3 percent below the revised February rate of 1,523,000, but is 1.5 percent above the March 2023 rate of 1,437,000. Single‐family authorizations in March were at a rate of 973,000; this is ...

Sales
The combined value of distributive trade sales and manufacturers’ shipments for February, adjusted for seasonal and trading day differences but not for price changes, was estimated at $1,866.5 billion, up 1.6 percent (±0.2 percent) from January 2024 and was up 1.0 percent (±0.4 percent) from ...

Builder sentiment was flat in April as mortgage rates remained close to 7% over the past month and the latest inflation data failed to show improvement during the first quarter of 2024.

Builder confidence in the market for newly built single-family homes was 51 in April, unchanged from March, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released today. This breaks a four-month period of gains for the ...

Advance estimates of U.S. retail and food services sales for March 2024, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $709.6 billion, up 0.7 percent (±0.5 percent) from the previous month, and up 4.0 percent (±0.5 percent) above March 2023. Total sales for the January 2024 through ...

Business activity continued to decline in New York State, according to firms responding to the April 2024 Empire State Manufacturing Survey. The headline general business conditions index rose seven points but remained below zero at -14.3. New orders and shipments both declined significantly, and unfilled orders continued to shrink. Delivery ...

Sentiment moved sideways for the fourth straight month, as consumers perceived few meaningful developments in the economy. Since January, sentiment has remained remarkably steady within a very narrow 2.5 index point range, well under the 5 points necessary for a statistically significant difference in readings. Consumers perceived little change ...

Prices for U.S. imports advanced 0.4 percent in March following a 0.3-percent rise the previous month, the
U.S. Bureau of Labor Statistics reported today. Higher prices for fuel and nonfuel imports contributed to the
overall increase. U.S. export prices rose 0.3 percent in March, after advancing 0.7 percent ...

The Producer Price Index for final demand rose 0.2 percent in March, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices moved up 0.6 percent in February and 0.4 percent in January. (See table A.) On an unadjusted basis, the index for final demand increased 2.1 percent for the 12 months ended in March, ...