Current dollar GDP increased 13.2% at an annual rate, or $693.2 billion, in the second quarter to a level of $22.7 trillion.
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The decrease, down following two consecutive monthly increases, followed a 0.8% June increase.
The Chicago Fed National Activity Index (CFNAI) was +0.53 in July, up from –0.01 in June.
Technology orders were up 49% year-over-year in June, according to the latest U.S. Manufacturing Technology Orders report by AMT.
Wholesale trade shows improvement from same month in 2020 and was also up from the previous month of May — albeit at just 2% — according to the latest report from the U.S. Census Bureau.
Year-over-year, the goods and services deficit increased $4.8 billion, or 6.7%, from May.
The 17.2% average annual sales growth through June was down slightly from May, according to HARDI’s TRENDS report.
The July Manufacturing PMI registered 59.5%, down 1.1 percentage points from the June reading of 60.6%, according to the latest ISM report.
Construction spending for the last month of the second quarter was also up 0.1% from the previous month of May.
The increase in real GDP in 2Q reflected increases in personal consumption expenditures (PCE), nonresidential fixed investment, exports, and state and local government spending, according to the Bureau of Economic Analysis.
The U.S. Census Bureau said on Wednesday that wholesale inventories in June were up 10.2% from the same month a year ago.
Manufactured durable goods, up 13 of the last 14 months, followed a 3.2% May increase.
Despite the challenges around inflation and supply chain, many distributors are focused on improving talent management.
Second quarter growth exceeds low-double digit outlook, but supply chains and the labor market are concerns.
Despite the challenges around inflation and supply chain, many distributors are focused on improving talent management.
Latest Chicago Fed National Activity Index (CFNAI) shows that three of the four broad categories of indicators used to construct the index made positive contributions in June, but two categories declined from May.
And housing starts are up compared to year-ago period and the previous month, according to the latest residential construction report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
The U.S. Census Bureau reported the combined value of distributive trade sales and manufacturers’ shipments and inventories for May increased by 28.7% from the same month in 2020.
In 2Q, total industrial production rose at an annual rate of 5.5%, according to the Federal Reserve's latest Industrial Production and Capacity Utilization Report.
The seasonally adjusted Fastener Distributor Index (FDI) for June was 55.8, down from 61.8 in March due to global supply chain issues.
