Economy in Brief

The Mortgage Bankers Association reported that its total Mortgage Market Volume Index increased 3.6% last week (20.4% y/y) to the highest level in three months. Applications to refinance increased 7.2% (21.2% y/y) as interest rates [...]

Earlier strength in consumer price inflation eased last month. The consumer price index increased 0.1% during July (0.2% y/y) following unrevised increases of 0.3% and 0.4% during the prior two months. Prices excluding food & energy [...]

The chart shows that after a period of deficit narrowing, there is a re-imposition of a trend to having trade deficits widen over the last five months. However, a look in the table and at moving averages shows that deficits are lower [...]

Gasoline prices at the pump rose to an average $2.72 per gallon (-21.8% y/y) last week, the first increase since early last month. Prices nevertheless remained near the lowest level since early-May. Haver Analytics constructs factors [...]

U.K. inflation has begun to show some pressure. The long-term chart of U.K. inflation trends still looks tranquil. The monthly gains on the HICP and the RPI (and RPIx) all are at a modest 0.2%. However, the progression of inflation [...]

Housing starts during July edged up 0.2% (11.2% y/y) to 1.206 million (AR) during July from 1.204 million in June, last month reported as 1.174 million. The latest level was the highest figure since October 2007. July's figure [...]

The Composite Housing Market Index from the National Association of Home Builders-Wells Fargo notched up during August to 61 (10.9% y/y) versus an unrevised July level of 60. It remained the highest level since November 2005 and [...]

Japan's GDP fell by 1.6% at an annual rate in Q2. The drop off, after sharply higher growth in Q1, comes despite a huge stimulus program that Japan has in place (Abenomics). Despite the setback to quarterly growth, year-over-year [...]