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IMF forecast bullish on global growth but downgrades U.S. estimates

The recovery in global growth that we projected in April is on a firmer footing; there is now no question mark over the world economy’s gain in momentum….The distribution of this growth around the world has changed, however: compared...Show More Summary

July IHS Output Index strongest expansion since January

July data revealed a further acceleration in business activity growth across the U.S. private sector. At 54.2, up from 53.9 in June, the seasonally adjusted IHS Markit Flash U.S. Composite PMI Output Index signaled the strongest rate of expansion since January.READ MORE www.metrointel.com

June existing home sales drop 1.8 percent, largely due to lack of supply

Total existing-home sales decreased 1.8 percent to a seasonally adjusted annual rate of 5.52 million in June from 5.62 million in May. Despite last month's decline, June's sales pace is 0.7 percent above a year ago, but is the second lowest of 2017. READ MORE www.metrointel.com

Initial unemployment claims fall by 15,000 in latest report

In the week ending July 15, initial unemployment claims were 233,000, a decrease of 15,000 from the previous week's revised level. The 4-week moving average was 243,750, a decrease of 2,250 from the previous week's revised average.READ MORE www.metrointel.com

New York Fed: Manufacturing firms still positive in July, but less so than in June

Business activity grew modestly in New York State, according to firms responding to the July 2017 Empire State Manufacturing Survey. Firms remained positive about future conditions, though they were less optimistic than in June.READ MORE www.metrointel.com

Philadelphia Fed: Manufacturing firms optimistic about future growth

Manufacturing activity in the region continues to grow but at a slower pace, according to results from the July Manufacturing Business Outlook Survey. Firms remained generally optimistic about future growth. More than one-third of the manufacturers expect to add to their payrolls over the next six months.READ MORE www.metrointel.com

June Achitectural Billings Index rose one point to 54.2, indicating strong business conditions

Architecture firms continued to report strong business conditions to start the summer, with AIA's Architecture Billings Index (ABI) climbing by more than a point from May to a score of 54.2 in June (any score over 50 indicates billings growth). READ MORE www.metrointel.com

Leading Economic Index rose sharply in June, largely due to more building permits

The U.S. LEI rose 0.6 percent in June, pointing to continued growth in the U.S. economy and perhaps even a moderate improvement in GDP growth in the second half of the year. The broad-based gain in the U.S. LEI was led by a large contribution from housing permits, which improved after several months of weakness. READ MORE www.metrointel.com

Mortgage applications rise 6.3 percent in latest survey

The Market Composite Index increased 6.3 percent on a seasonally adjusted basis from one week earlier, with purchase loans up 1 percent and refinances up 13 percent. The average contract interest rate for 30-year fixed-rate mortgages remained unchanged at 4.22 percent.READ MORE www.metrointel.com

Today's archidose #971

Here are some of my photos of Jenny Sabin Studio's Lumen at MoMA PS1 in Long Island City, Queens, on display until September 4, 2017. To contribute your Flickr images for consideration, just::: Join and add photos to the archidose poolTo contribute your Instagram images for consideration, just::: Tag your photos #archidose

Book Review: Thirtyfour Campgrounds

Thirtyfour Campgrounds by Martin HogueMIT Press, 2016Hardcover, 266 pagesIt's summer, which means – deer ticks be damned – it's time to get outdoors. For many, getting outside equates with camping, which in the United States most likely...Show More Summary

June building permits rebounded 7.4 percent from May, up 5.1 percent year-on-year

Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,254,000. This is 7.4 percent above the revised May rate of 1,168,000 and is 5.1 percent above the June 2016 rate of 1,193,000. READ MORE www.metrointel.com

June housing starts rebounded 8.3 percent from May, up 2.1 percent year-on-year

Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,215,000. This is 8.3 percent above the revised May estimate of 1,122,000 and is 2.1 percent above the June 2016 rate of 1,190,000.READ MORE www.metrointel.com

Business inventories rebounded sharply in May as sales recorded biggest drop in 10 months

U.S. business inventories rebounded 0.3 percent in May as sales recorded their biggest drop in 10 months, falling by 0.2 percent.READ MORE www.metrointel.com

Builder confidence dips two points to 64 as lumber prices take a toll

Builder confidence in the market for newly-built single-family homes slipped two points in July to a level of 64 from a downwardly revised June reading on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). It is the lowest reading since November 2016. READ MORE www.metrointel.com

June retail sales fell 0.2 percent

June retail sales fell 0.2 percent, weighed down by declines in receipts at service stations, clothing stores and supermarkets. Americans also cut back on spending at restaurants and bars, as well as on hobbies. This decline, the second in two months, could temper expectations of strong acceleration in economic growth in the second quarter.READ MORE www.metrointel.com

CPI flat in June, up 1.6 percent over past 12 months

The Consumer Price Index for All Urban Consumers was unchanged in June, but has risen 1.6 percent over the past 12 months. The index for all items less food and energy rose 0.1 percent in June, its third straight such increase, and is up 1.7 percent year-on-year.READ MORE www.metrointel.com

Second Quarter 2017 Economic Update: Slow, Steady Growth as Expansion Continues

Whether due to an actual “Trump bump” or other factors, so far the data is showing the second quarter of 2017 to be stronger than the first on multiple fronts. Despite its relative age – which in another two years would be the longest recovery on record – the current expansion is still showing signs of life ahead. Show More Summary

Consumer sentiment mixed in early July reading

Confidence in future economic prospects continued to slide in early July, with the Expectations Index now 10.1 index points below its January 2017 peak. In contrast, consumers' assessments of current economic conditions regained the March 2017 peak, the highest level since the July 2005 survey. Show More Summary

Today's archidose #970

Here are some photos of Studio Gang's Hive at the National Building Museum in Washington, DC. The installation is on display until September 4, 2017. (Photographs: Mark Andre) To contribute your Flickr images for consideration, just::: Join and add photos to the archidose poolTo contribute your Instagram images for consideration, just::: Tag your photos #archidose

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