Economy in Brief: April 2003

The Chicago Purchasing Manager’s Index of Business activity fell more than expected to 47.6, below 50 for the second month. Consensus estimates were for a reading of 48.5. The decline was similar to the Philadelphia Fed survey which [...]

Business confidence in France declined sharply in April. The composite business climate indicator, reported today, fell 3.16% from 95 in March to 92 in April. The decline was largely accounted for by depressed household spending and [...]

The employment cost index rose last quarter by twice Consensus expectations for a 0.7% gain. The gain was double the 4Q increase. Faster growth in wages & salaries accounted for most of the acceleration in the ECI. The 1.0% quarterly [...]

Personal income rose an expected 0.4% last month. The gain was driven by a healthy 0.5% (3.0% y/y) rise in wages and salaries which was the strongest monthly rise in wages since last August. Wages in private industry rose 0.5% (2.7% [...]

Real GDP last quarter grew 1.6% (AR), slightly less than Consensus expectations for 2.0% growth. Weakness in domestic demand was behind the only modest GDP growth. Final sales to domestic purchasers grew 1.2% and that was the weakest [...]

Initial claims for unemployment insurance last week were again higher than Consensus expectations. Initial claims rose 1.8% w/w to 455,000. That followed an 8.5% rise the week earlier, revised up from the initial estimate. The recent [...]

The index of mortgage applications compiled by the Mortgage Bankers Association dropped 6.9% last week. It was the fifth consecutive weekly decline. During that period applications have fallen 36.9%. Last week's decline was due to [...]

Consumer confidence in Italy increased in April for the third successive month. The increases, however, have made only a slight dent in the erosion of confidence that took place in 2002. On a seasonally adjusted basis the index was up [...]