Economy in Brief

Housing starts improved 5.9% last month to 896,000 (20.9% y/y) and reversed most of the June decline to 846,000, initially reported as 836,000. The rise nearly matched expectations for 903,000 starts in the Action Economics survey. [...]

The Composite Housing Market Index from the National Association of Home Builders-Wells Fargo rose another 3 points to 59 this month after a 5 point advance in July. The latest rise was to the highest level since November 2005 and [...]

The Philadelphia Federal Reserve Bank reported that its General Business Conditions Index for August slipped to 9.3 from 19.8 in July. Nevertheless, it was the fifth positive reading in the last six months. The figure disappointed [...]

Initial claims for unemployment insurance dropped to 320,000 (-12.8% y/y) in the August 10 week from 335,000 the week before, which was initially reported as 333,000. This latest figure is the lowest since October 6, 2007. It compares [...]

Industrial production remained unchanged (1.3% y/y) during July following a 0.2% June increase, initially reported as 0.4%. A 0.3% rise had been expected in the Action Economics survey. Factory sector production slipped 0.1% (+1.3% [...]

UK economy continues to outperform statistics from the European Monetary Union. In in July the reason may be global warming. But I think the authorities in the UK will take improvement whichever way it comes. The heat wave in the UK [...]

Price inflation showed signs of moderating last month. The July consumer price index increased an expected 0.2% (2.0% y/y) following its 0.5% jump during June. Prices excluding food and energy also gained 0.2% (1.7% y/y) for the third [...]

Higher interest rates continue to take their toll on the mortgage market. The Mortgage Bankers Association reported that the total mortgage market index fell 4.7% (-46.8% y/y) last week. Home purchase mortgage applications declined [...]