Economic Release Snapshot: Industrial Production Rises in June

Each week, we break down the latest U.S. economic reports, including what the results mean for the overall health of the economy. Here, you will find how economists’ forecasts compare with actual results, key takeaways to consider, as well as a list of what’s on tap for the week ahead.

Reports for the Week of July 15

Retail sales, June (Tuesday)

• Expected/prior month retail sales monthly change: –0.3%/+0.3%
• Actual retail sales monthly change: +0.0%

Retail sales came in above analyst estimates in June as headline sales were flat despite calls for a modest decline. Core sales, which strip out the impact of volatile auto and gas sales, grew notably during the month.

National Association of Home Builders Housing Market Index, July (Tuesday)

• Expected/prior month sentiment: 43/43
• Actual sentiment: 42

Home builder sentiment fell for the third consecutive month in July as high mortgage rates and home prices weighed on prospective home buyers.

Industrial production, June (Wednesday)

• Expected/prior month production change: +0.3%/+0.9%
• Actual production change: +0.6%

Industrial production increased more than expected in June due to rising manufacturing production and capacity utilization.

Housing starts and building permits, June (Thursday)

• Expected/prior month housing starts monthly change: +1.8%/–4.6%
• Actual housing starts monthly change: +3.0%
• Expected/prior month building permits monthly change: +0.1%/–2.8%
• Actual building permits monthly change: +3.4%

Housing starts and building permits rebounded in June after falling more than expected in May.

Upcoming Reports for the Week of July 22

Existing home sales, June (Tuesday)
Existing home sales are set to fall for the fourth consecutive month in June. Rising prices and still-high mortgage rates have served as headwinds for sales throughout the year.

2024 second-quarter GDP advance estimate (Wednesday)
Economists expect to see a healthy 1.9 percent annualized growth rate for the economy in the second quarter. If estimates hold, this would represent a solid increase from the 1.4 percent growth rate in the first quarter.

Durable goods orders, June, preliminary (Thursday)
Headline and core durable goods orders are both set to rise in June.

Personal income and spending, June (Friday)
Personal income and spending are set to rise in June, with income expected to grow 0.4 percent while spending is expected to increase 0.3 percent.