Economy in Brief: July 2021

• Service-sector gains led by leisure & hospitality. • Average hourly earnings growth moderates. • Unemployment rate edges higher. Nonfarm payroll employment increased 850,000 (5.8% y/y) during June. It was the largest increase since [...]

• Orders increase paced by transportation. • Increased shipments largely reflect higher oil prices. • Order backlogs and inventories continue to rise. New orders for manufactured goods jumped 1.7% (30.4% y/y) during May following a [...]

• Trade deficit second largest in 29-year history of series. • Services led by gains in travel, both exports and imports. • Imports of goods from China fall 11.3%. The U.S. trade deficit in goods and services widened moderately to [...]

• Service-sector gains led by leisure & hospitality. • Average hourly earnings growth moderates. • Unemployment rate edges higher. Nonfarm payroll employment increased 850,000 (5.8% y/y) during June. It was the largest increase since [...]

In the euro area, the PPI is making all sorts of noise and rising at a barn-burning pace: 9.7% over 12 months, a pace of 16% over six months and at 19% pace over three months. No rates are remotely in the target range of any central [...]

• Service-sector gains led by leisure & hospitality. • Average hourly earnings growth moderates. • Unemployment rate edges higher. Nonfarm payroll employment increased 850,000 (5.8% y/y) during June. It was the largest increase since [...]

• Car & light truck sales weaken. • Parts shortages play role in weakness. • Both import & domestic sales suffer. The Autodata Corporation reported that light vehicle sales during June declined 10.2% (+16.0% y/y) to 15.35 million [...]

The EMU unemployment rate dropped in May, signaling that EMU-wide progress is still on track. However, the EMU unemployment rate is only four tenths of a percentage point (0.4) higher than it was before Covid-19 struck, leaving EMU [...]