Economy in Brief: January 2021

• Trade deficit increases to highest level since August 2006. • Import rise fueled by higher oil prices. • Exports decline y/y as overseas economies remain weak. The U.S. trade deficit in goods and services widened to $68.1 billion [...]

• State initial claims edge lower, third consecutive decrease after reaching a three-month high in mid-December. • Federal Pandemic Unemployment Assistance initial claims drop to lowest since April, early in program's existence. • [...]

• • • PREVIOUS>>>>>> The Mortgage Bankers Association Mortgage Loan Applications Index edged up 0.8% w/w (+80.5% y/y) in the week ended December 18...... This survey covers over 75% of all U.S. retail residential mortgage applications [...]

Service sectors struggle In sharp contrast to the ebullient manufacturing PMIs released yesterday, the services sector readings are weak globally driving the composite PMI measures to extremely weak readings. The average queue [...]

• Factory orders and shipments remain strong. • Inventory accumulation accelerates. • Order backlogs continue to decline. Manufacturing activity continues to strengthen. Factory orders rose in November for a seventh consecutive month. [...]

• Job loss follows seven months of increase. • Declines ranged throughout most economic sectors. As the number of COVID-19 cases increase, the labor market suffered. The ADP National Employment Report indicated that nonfarm private [...]

• Decline led by drop in applications for refinancing. • Mortgage interest rates mostly fell further to new record lows. The Mortgage Bankers Association Mortgage Loan Applications Index fell 4.2% in the last two weeks of 2020. The [...]

• Sales of light trucks recover following two months of decline. • Passenger car sales continue to slip. • Imports' share of vehicle market backpedals. Light vehicle buyers returned to the market last month following two months of [...]