Economy in Brief: May 2003

Personal income was unchanged last month versus the Consensus expectation for a 0.2% gain. Weakness in income was primarily due to a 0.2% decline in wages and salaries that followed a 0.5% spurt in March. A 0.4% (2.5% y/y) decline in [...]

Initial claims for unemployment insurance fell slightly less than expected last week. Claims fell 2.1% to 424,000 from an upwardly revised level the week prior. Consensus expectations were for claims of 420,000. It was the fourth [...]

Durable goods orders fell 2.4% last month, somewhat more than expected, and the strong gain in March was revised lower to 1.4%. Consensus expectations had been for a 1.0% decline in April orders. The decline in orders last month was [...]

Consumer confidence in Italy, which had held up immediately after September 11, 2001, plummeted during 2002. By December 2002, the ISAE (Instituto di Studi e Analies Economica) measure of consumer confidence was down 14.2% from [...]

The Conference Board’s Index of Consumer Confidence rose slightly more than expected in May. The index rose 3.5% m/m to 83.8 and added to a 31.9% jump the prior month. Consensus expectations were for a rise to 82.5. Since December of [...]

The OECD Index of Leading Indicators (Big 7) fell in March for the second consecutive month. The 0.3% decline followed a 0.4% drop in February. The drop pulled the index 0.7% below December and 0.9% below the peak last May. Recent [...]

Initial claims for unemployment insurance unexpectedly rose last week for the first week in four. The 1.7% rise to 428,000 was versus Consensus expectations for a decline to 415,000. Claims in the prior week were revised up. The [...]

The index of mortgage applications compiled by the Mortgage Bankers Association surged 10.2% last week, the third double digit rise in as many weeks. During the period mortgage applications have risen by nearly one half. Applications [...]