Economy in Brief: September 2020

• Wholesale inventories drop for third straight month. • Sales continue to surge. • Inventory-to-sales ratio falls with sales' strength. Wholesale inventories worked lower again, falling 0.3% during July (-5.6% y/y) and continuing [...]

• Core pricing power is improved. • Energy & food prices slip. • Services prices remain firm. The Producer Price Index for final demand rose 0.3% (-0.2% y/y) during August following a 0.6% July increase. A 0.2% increase had been [...]

• Seasonally adjusted state initial claims unchanged at 884,000 in the week ending September 5. • Not seasonally adjusted state initial jobless claims rise to 857,148. • Federal Pandemic Unemployment Assistance new filers increased to [...]

Dutch PMI and manufacturing IP are in lock-step Dutch production continued its rebound in July, rising by 1.7% (excluding construction) after a 0.6% gain in June. This two month ‘string’ of increases goes only part way to effect a [...]

• Job openings become more available. • Hiring slows. • Layoffs ease while quits rise. The Bureau of Labor Statistics reported that the total job openings rate rose to 4.5% during July, the highest level since last October and up from [...]

• Applications for both purchase and refinancings increase. • Mortgage rates approach record low. The Mortgage Bankers Association Mortgage Loan Applications Index increased 2.9% (36.3% y/y) in the week ended September 4, following [...]

• Gasoline prices slip marginally. • Crude oil prices ease, then break sharply lower. • Natural gas prices decline sharply. Regular gasoline prices slipped to $2.21 per gallon (-13.3% y/y) in the week ended September 7 after rising to [...]

• Nonrevolving borrowing usage surges. • Charge card balances ease further. Consumers continue to buy more using credit. Consumer credit outstanding increased $12.2 billion during July (0.5% y/y) following an $11.4 billion June [...]