Economy in Brief: December 2002

Chain store sales rose during Christmas week. The 2.1% w/w gain was the third consecutive weekly rise according to the BTM-UBSW survey. The late month surge in sales finally recouped a sharp decline early in the month and pulled [...]

The Chicago Purchasing Manager’s Index of Business activity fell more than expected in December. Consensus estimates were for a reading of 53.0. The decline ran counter to the moderate improvement in the Philadelphia Fed and the [...]

Sales of new single family homes were slightly stronger than expected last month. Sales rose 5.7% from October when sales were revised up slightly. Consensus expectations were for a 1.000 Mil. sales rate. Sales were mixed across the [...]

Initial claims for unemployment insurance fell much more than expected last week. Claims in the prior week were revised slightly higher. Seasonal adjustment difficulties have contributed to the erratic behavior of initial claims in [...]

Durable goods orders last month fell unexpectedly and the gain in October was revised lower. Consensus expectations had been for a 0.6% rise. Orders for nondefense capital goods fell sharply, reversing most of the sharp October gain [...]

Personal income (4.3% AR, YTD) rose slightly more than expected last month. It was the fourth consecutive 0.3% monthly gain in income. Growth in wage and salary disbursements has been relatively firm recently, up 0.4% last month and [...]

Real GDP last quarter was little revised, as expected. Component revisions also were largely technical. Year to date growth in real GDP has been 3.4% (AR). The previously reported strong growth in corporate profits after tax was [...]

Initial claims for unemployment insurance fell less than expected last week from the elevated level of the week prior. Claims in the prior week were revised slightly higher. The latest figure is for the survey period for December [...]