Economy in Brief: August 2002

Personal income rose less than expected last month. June's gain was revised slightly higher. Consensus expectations were for a 0.3% gain. A decline in wage and salary disbursements (2.6% AR, YTD), the second this year, was broadly [...]

Initial claims for unemployment insurance were higher than expected in the latest week, rising above 400,000 for only the second week since May. Claims rose 8,000 (2.0%) versus the prior week which was revised up. The Consensus [...]

Crude oil prices fell slightly during the past week, but concerns over supply disruptions have raised the spot market price of West Texas Intermediate crude more than 60% since the lows set early this year. Wholesale gasoline prices [...]

Durable goods orders recovered much more than expected last month after June's collapse which was revised deeper. July's jump was the largest one month rise since last October and raised orders 7.5% year to date. Orders for nondefense [...]

Sales of new single family homes last month were stronger than Consensus expectations for a 975,000 sales rate. June sales were revised lower. July sales were a record. Sales were mixed across the country’s regions: rising sharply in [...]

The Federal Reserve Survey of Senior Loan Officers indicated that lending standards to both large and small firms have eased. In the latest survey, 21.4% of banks tightened lending standards to large firms versus nearly 60% that were [...]

Initial claims for unemployment insurance were slightly higher than expected in the latest week. Claims fell slightly versus the prior week which was revised up. The latest figure covers the survey period for August nonfarm payrolls. [...]

The July US budget deteriorated about as expected. A monthly deficit of $30.0B had been expected versus last year's July surplus of $2.8B. Deficits are typical for July. Only in 2000 and 2001 were small surpluses recorded. Receipts [...]