Economy in Brief: July 2020

• Construction spending dropped 2.1% in May with downward revisions to previous months. • The 5.9% decline in construction since February looks closer to previous recessions than many other economic statistics. The value of [...]

• Mortgage applications decreased 1.8% in week ending June 26. • 15-year fixed rate mortgage edges up to 2.90%, near record low of 2.87%. The Mortgage Bankers Association reported that its total Mortgage Applications Index declined [...]

Manufacturing sector PMIs battle back strongly in June with all countries reporting a value showing a gain in June over May. The average PMI value rose to 47.5 in June from 39.7 in May and that compared to 35.3 in April for most [...]

• Composite Index moves above break-even for first time since February. • Component series improvement is widespread. • Price index rises sharply. The Institute for Supply Management (ISM) reported that its Composite Index of [...]

• Construction spending dropped 2.1% in May with downward revisions to previous months. • The 5.9% decline in construction since February looks closer to previous recessions than many other economic statistics. The value of [...]

• Employment increased in May rather than declined. • June's gains are spread across industry sectors. The job market continued to expand last month. The ADP National Employment Report indicated that nonfarm private payrolls during [...]

• Mortgage applications decreased 1.8% in week ending June 26. • 15-year fixed rate mortgage edges up to 2.90%, near record low of 2.87%. The Mortgage Bankers Association reported that its total Mortgage Applications Index declined [...]