Economy in Brief

The Federal Housing Finance Agency's (FHFA) index of U.S. house prices rose 6.2% during all of 2016 following a 5.7% increase in 2015, and a 5.4% gain during 2014. These increases were down somewhat from the 7.3% rise in 2013, yet [...]

The Mortgage Bankers Association reported that its total Mortgage Market Volume Index fell 2.0% last week (-28.8% y/y) following a 3.7% decline during the week prior. Purchase applications were off 2.8% (-0.5% y/y) after a 4.5% fall. [...]

Regular gasoline prices of $2.30 per gallon (+33.1% y/y) last week were down a penny from the prior week. The February average of $2.30 compared to $2.35 per gallon in January. Prices were lower than the 2014 high of $3.71 per gallon. [...]

Sales of existing single-family homes increased 3.3% (3.8% y/y) to 5.690 million units (AR) during January following December sales of 5.510 million, revised from 5.490 million. Expectations had been for 5.540 million purchases in the [...]

Both the U.S. inflation target rate (PCE) and the EMU target rate (HICP) are showing strong moves higher. Clearly inflation is on the rise...or is it really that simple? My prevarication in the face this quite overwhelming chart has [...]

The manufacturing and service sectors both are showing lift in the Markit PMI framework in February. Manufacturing has been surging bit longer but with its strength this month the services sector has caught up. The diffusion values [...]

The Federal Reserve Bank of Philadelphia's Nonmanufacturing Business Index of current conditions in February rose to 38.0 from 33.3 during January. It was the highest level since June 2015. Forty-four percent of respondents reported [...]

Germany leads the surplus 'parade of shame' Germany, the largest EMU economy, has run nothing but current account surpluses since July 2001 with only two monthly exceptions. That is 183 months of surplus vs. only two months of deficit [...]