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- France: **France Wages and Earnings Rebased to Q2-2017=100**
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- Canada: CPI (Aug), Retail Trade (Jul)
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- more updates...
Economy in Brief
U.S. Leading Economic Indicators Increase
The Conference Board's Composite Index of Leading Economic Indicators increased 0.4% (6.4% y/y)...
U.S. Existing Home Sales Hold Steady
The National Association of Realtors reported that sales of existing homes during August were unchanged at 5.340 million (SAAR, -1.5%)....
Philadelphia Fed Factory Conditions Improve; Prices Weaken Again
The Philadelphia Fed that its General Factory Sector Business Conditions Index rose to 22.9 during September...
U.S. Initial Claims for Unemployment Insurance Edge Down Further
Initial unemployment insurance applications decreased to 201,000 (-21.2% y/y) during the week ended September 15...
U.S. Housing Starts Rebound After Two Months of Decline
New home building activity improved last month. Total housing
starts rose 9.2% during August (9.4% y/y)
Special Topics
by Robert Brusca January 21, 2009
Deterioration in trade is becoming a global theme as exports
and imports both falter in its widespread global slowdown. For Italy
the trade and current account positions also have deteriorated. The
current account deficit is winder and the trade surplus has turned to
deficit in November.
Italy’s exports are dropping but the pace of the drop is not
accelerating. For imports the pace of decline is accelerating. Not
surprisingly transportation equipment is the weakest flow on both the
export and import side. All main trade categories are slowing declines
on both the export and import side.
Italy’s exports made their largest Yr/Yr drop since 1991.
Italy's trade balance with European Union countries shrank to a surplus
of EUR151 million from EUR291 million a year ago.
| Italy's Trade Trends | |||||||
|---|---|---|---|---|---|---|---|
| m/mo % monthly rate | Period Specified saar | ||||||
| Nov-08 | Oct-08 | Sep-08 | 3-MO | 6-Mo | 12-Mo | Yr-Ago | |
| Current Account Bal | €€ (4,787) | €€ (3,854) | €€ (4,742) | €€ (4,461) | €€ (3,962) | €€ (4,070) | €€ (2,938) |
| Goods Balance | €€ (676) | €€ 716 | €€ (17) | €€ 8 | €€ (469) | €€ (38) | €€ 358 |
| Exports | -10.6% | 1.3% | 9.6% | -2.8% | -18.2% | -6.9% | 6.6% |
| Imports | -6.4% | -1.0% | 3.5% | -15.3% | -10.8% | -3.1% | 3.9% |
| Services Balance | €€ (849) | €€ (1,747) | €€ (919) | €€ (1,172) | €€ (790) | €€ (587) | €€ (616) |
| Exports | -12.3% | 3.8% | 9.7% | -0.5% | 3.9% | 0.5% | 3.8% |
| Imports | -19.4% | 13.1% | 12.5% | 10.7% | 2.0% | 5.5% | 6.7% |
| Not Seasonally Adjusted | All Yr/Yr | ||||||
| Exports | Nov-08 | Nov-07 | Nov-06 | Nov-05 | |||
| Food&Bev | -2.2% | 8.4% | 5.0% | 8.9% | |||
| Capital Gds | -13.5% | 11.7% | 16.0% | -0.5% | |||
| Transport | -25.7% | 19.4% | 20.3% | -16.4% | |||
| Consumer Gds | -10.1% | -1.0% | 7.9% | 12.0% | |||
| Other Gds | -13.3% | -9.6% | 11.8% | 34.0% | |||
| Imports | Nov-08 | Nov-07 | Nov-06 | Nov-05 | |||
| Food&Bev | -6.5% | 3.4% | 5.1% | 8.7% | |||
| Capital Gds | -19.2% | 6.5% | 3.0% | 6.5% | |||
| Transport | -30.3% | 12.9% | 3.4% | 3.7% | |||
| Consumer Gds | -7.2% | -0.4% | 6.7% | 11.8% | |||
| Other Gds | 2.3% | -4.6% | 22.0% | 19.4% | |||
| Balances in Mlns of euros | |||||||
