Economy in Brief

With the passage of Hurricane Sandy, business activity improved. The Philadelphia Federal Reserve Bank reported that its General Business Conditions Index rose sharply to 8.1 this month after falling to an unrevised -10.7 during [...]

Economic growth during Q3'12 was better than reported initially. Real GDP increased at a revised 3.1% (2.6% y/y) annual rate, up from 2.7% estimated last month and 2.0% initially. The gain improved from 1.3% during Q2 and beat [...]

For the first time in five weeks, initial claims for jobless insurance rose. Claims increased 17,000 during the week ended December 15 to 361,000 from 344,000 in the prior period, initially reported as 343,000. Consensus expectations [...]

Industrial commodity prices have shown upward movement of late despite signs of weakening growth in factory sector output. At 171.2, the latest price index from the Foundation for International Business and Economic Research (FIBER) [...]

IFO expectations turned higher in December rising for the second month in a row and not falling for three-months in a row. Still, since September the current index has shed about three index points (out of approximately 110), But [...]

The latest report from the International Council of Shopping Centers and Goldman Sachs indicated renewed vigor in consumer spending. Chain store sales jumped 4.3% last week (3.5% y/y) to the highest level since late-July. During the [...]

The Mortgage Bankers Association index of total mortgage applications slumped 12.3% last week (23.9% y/y) to the lowest level since early last month. The decline was led by a 13.8% drop (+28.5% y/y) in applications to refinance an [...]

Builders began slightly fewer residential housing units last month, but earlier gains left recent levels near the four year high. Total housing starts fell 3.0% (+21.6% y/y) during November to 861,000 (AR) from 888,000 during October, [...]