Economy in Brief

The Mortgage Bankers Association reported that their total mortgage market index improved 2.6% last week (-52.5% y/y) but remained near the lowest level since late-2000. Applications to refinance existing loans gained 4.6% last week [...]

Job creation in the U.S. is building up a head of steam. The ADP/Moody's National Employment Report indicated a 238,000 rise (1.9% y/y) in nonfarm private sector jobs during December, the firmest increase since November 2012. [...]

German orders rose by 2.1% in November, rebounding from a 2.1% drop in October. The headline trend shows solid growth with three-month growth at a 12.7% annual rate, up from a 6.2% annual rate over six-months and a 6.8% annual rate [...]

The International Council of Shopping Centers and Goldman Sachs reported that chain store sales were off 5.4% last week (1.7% y/y). The decline followed a 2.5% rise during all of December after a 1.1% November increase. During the [...]

The price for a gallon of regular gasoline prices remained at $3.33 (1.0% y/y) last week but remained down versus last year's peak of $3.78 per gallon. Much of the decline versus the peak reflects less driving this time of year. Haver [...]

The U.S. foreign trade deficit improved to $33.4 billion during November compared to a revised $39.3 billion in October, last month reported as $40.6 billion. The November deficit was the lowest since October 2009. A $40.0 billion [...]

The INSEE French household indicator rose to 85 in December from 84 in November. The reading is the same as its three-month average, its six-month average and only one point above its 12-month average. Consumer confidence in France is [...]

Orders to all manufacturers matched expectations and jumped 1.8% (4.9% y/y) during November, reaching a new expansion high. The gain was powered by a little-revised 3.4% surge in durable goods orders, led by higher aircraft orders. [...]