A WEEKLY ECONOMIC UPDATE FROM CONGRESSMAN GREGORY W. MEEKS

ECONOMIC ACTIVITY

Industrial Sector

• Industrial production has increased a cumulative 8.1% during the past 11 months, the largest 11-month gain since 1997. Total industrial production rose 1.2% in May. The increase, slightly above market expectations, was led by a strong 0.9% growth in manufacturing output. Industrial production has grown at a 7.4% annual rate so far this quarter, on the heels of 7.6% annualized growth in the first quarter. This rapid expansion is consistent with solid growth of real GDP. [Federal Reserve]

Economic Growth

• The Conference Board’s index of leading indicators, a gauge of near-term future economic growth, increased 0.4% in May. The index saw no change in April and a 1.4% rise in March. [Conference Board]

Consumers

• Consumer prices remained stable in May. The overall Consumer Price Index edged down 0.2%, while core CPI, which excludes food and energy, rose 0.1%. [BLS]

Employment

• The four-week moving average of continued claims for unemployment insurance fell to 4.602 million in the week ended June 5, down 47,250 from four weeks earlier. [Labor]

• Payroll employment rose in 41 states in May, and the unemployment rate fell in 37 states. [BLS]