Economy in Brief: January 2004

US economic growth last quarter of 4.0% (AR) was somewhat below Consensus expectations for 4.8%. The gain was half the 8.2% of 3Q but it raised growth for the full year to 3.1%, the fastest since 2000. Much of the disappointment in 4Q [...]

Initial claims for jobless insurance nudged lower last week by 1,000 to 342,000. The prior week's level was revised up slightly. Consensus expectations had been for claims of 341,000. The four-week moving average of initial claims [...]

Durable goods orders were roughly unchanged last month. The previously reported 3.1% plunge in November orders was lessened to a 2.3% drop. Consensus expectations had been for a 2.0% rise in December orders. Weaker orders in the [...]

Confidence measures in Europe continue to be mixed. Contrary to the weakening of confidence in Germany heralded by the January ZEW index, the broader IFO measure showed a 0.52% rise in business confidence in January in West Germany [...]

Chain store sales surged 1.1% last week according to the ICSC-UBS survey. The pop recouped all of the sales decline during the prior two weeks and was driven by clearance promotions and surging consumer sentiment. Sales in January [...]

Gross domestic product in the United Kingdom rose at an annual rate of 3.8% in the fourth quarter, the strongest rate of increase since early 2000. For the year as a whole, the rate of increase was 2.17%. The acceleration in growth [...]

Sales of existing single family homes reported by the National Association of Realtors rose 6.9% m/m in December. The rise to 6.47M. erased much of the prior two months' decline from the record high in September. Consensus [...]

Prices of industrial metals surged as industrial activity strengthened recently. During the past year, the JoC-ECRI index of metals prices jumped by one-third reflecting a 90% rise in steel scrap prices, a 46% rise in copper prices, a [...]