Economy in Brief: April 2019

The Composite Index of Nonmanufacturing Sector Activity from the Institute for Supply Management (ISM) weakened to 56.1 in March, the lowest level since August 2017. The figure remained below the cycle peak of 60.8 reached in [...]

ADP indicated in its National Employment Report that private nonfarm payrolls increased 129,000 (2.0% y/y) during March after a 197,000 February gain, revised from 183,000. It was the weakest increase since September 2017. A 180,000 [...]

The Mortgage Bankers Association reported that its total Mortgage Applications Index leapt 18.6% (29.8% year-on-year) during the week ending March 29. The volume of applications reached its highest level since October 2016. [...]

The Autodata Corporation reported that sales of light vehicles increased 5.3% (1.0% y/y) during March to 17.45 million units (SAAR). The increase recouped declines during the prior two months. Auto sales improved 3.4% (-6.7% y/y) to a [...]

News headlines on this report say that the PPI in the EMU accelerated in February. Do not believe it. I have long had my quibbles with how journalists describe economic reports. Today’s PPI report is an example. The headline PPI [...]

U.S. retail gasoline prices increased this week to $2.69 per gallon (-0.3% y/y), up from the low of $2.24 early in January. Haver Analytics constructs factors adjusting for the seasonal variation in gasoline pump prices. The [...]

New orders for durable goods fell 1.6% (+1.8% y/y) during February following a 0.1% January uptick, revised from 0.4%. A 1.0% easing had been expected in the Action Economics Forecast Survey. The decline was led by a 4.8% (-0.8% y/y) [...]

The value of construction put-in-place increased 1.0% (1.1% y/y) during February following a 2.5% January increase, revised from 1.3%. A 0.1% easing had been expected in the Action Economics Forecast Survey. The value of public [...]