REWIND

This week’s most important econ data—in charts

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This week’s economic updates didn’t exactly offer a global picture on the state of the economy. The most important releases centered on the UK and the US. (Although a report on Chinese GDP early in the week was notable.) But a clear takeaway from the data—as well as the earnings updates from major corporations—was that the resilient US economy is a corporate sweet spot for growth. Here’s a day-by-day snapshot of the week:

Monday

1. Chinese GDP slowed to 7.5% in the second quarter, extending the longest string of sub-8% growth in at least two decades.

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2. Autos helped produce decent retail sales in June. (But slightly less than economists expected.)

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Furniture sales spiked, indicating that the benefits of the housing recovery are touching more parts of the US economy.

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3. The Empire State Manufacturing Survey bounced further into economic expansion territory. (Which is basically anything above zero.) A gauge of manufacturing conditions in New York, the survey is one of the earliest reliable pieces of economic data available in the current month.

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Tuesday

5. US industrial production did better than expected in June as factories churned out more computers and cars.

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Wednesday

6. The UK job market showed slow improvement, as the number of people claiming unemployment benefits shrank for the eighth straight month. Still, it remains quite elevated.

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7. Headline US housing starts showed a sharp drop in June, when they fell 9.9%. But it was all driven by the volatile multifamily sector.

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Thursday

8. Nominal UK retail sales rose for the second straight month, the first time they’ve pulled off the feat since last July.

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Friday

9. Brazil’s painful price increases eased slightly in early July, after officials rolled back increased prices of public transport that had helped set off mass protests.

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