Recent Updates
- US: Housing Starts by State and Region (Mar)
- US: New Res Sales (Mar), S&P Case Shiller Home Price Indexes, FHFA HPI (Feb), Final Building Permits (Mar)
- US: Steel Imports (Mar-Prelim)
- US: Richmond Fed Mfg & Service Sector Surveys (Apr)
- US: Consumer Confidence (Apr)
- Belgium: Business Confidence (Apr)
- US: Regional Building Permits (Mar and YTD)
- Ireland: Bank Lending Survey (Q2)
- more updates...
Economy in Brief
U.S. New Home Sales and Prices Strengthen
Sales of new single-family homes during March increased 4.0% (8.8% y/y) to 694,000 (SAAR)...
U.S. FHFA House Price Index Continues to Strengthen
The FHFA index of U.S. house prices rose 0.6% during February...
U.S. Energy Prices Rise Further
Retail gasoline prices increased to $2.80 per gallon last week (14.3% y/y)...
U.S. Existing Home Sales & Prices Rise Again
The NAR reported that sales of existing homes increased 1.1% during March (-1.2% y/y) to 5.600 million units (AR)...
PMIs Stabilize or Creep Higher After Drop-Off
In the EMU, both the services and manufacturing sectors took a substantial step down one month ago...
by Robert Brusca November 7, 2007
Most recent German reports have shown some weakening trends especially the new industrial orders. But in September IP itself was strong even as the outlook was weakening. The strength in output is mostly in capital goods where output is rising at a 12.5% pace in Q3, quite heated. Compare that to a 0.3% annual rate of increase for consumer goods in the quarter. For the moment intermediate goods output is strong, up at an 8.9% pace. The last three months show a real push in output that contrasts sharply with the weakness we have seen in new orders. This could be the turning point for German growth. Even the IFO report shows German MFG turning toward slower, not faster, growth. IP seems to be a lagging indicator in this process.
German Industrial Production | |||||||
---|---|---|---|---|---|---|---|
Saar except m/m | Sep-07 | Aug-07 | Jul-07 | 3-mo | 6-mo | 12-mo | Quarter-to-Date |
IP total | 0.3% | 1.9% | 0.2% | 9.7% | 5.5% | 6.1% | 8.5% |
Consumer | -0.3% | 4.2% | -1.3% | 10.6% | 0.6% | 3.6% | 0.3% |
Capital | 0.1% | 1.6% | 1.3% | 12.5% | 7.9% | 8.3% | 12.5% |
Intermediate | 0.2% | 1.5% | -0.1% | 7.0% | 5.1% | 7.1% | 8.9% |
Memo | |||||||
Construction | 0.7% | 2.0% | 0.9% | 15.6% | -7.6% | -2.4% | 4.9% |