Economy in Brief: 2013

Canada's year-over-year CPI pace has expanded at a 1.1% rate in each of the last two months and has accelerated since November unlike inflation in the US and in EMU that has stabilized or moved lower. Yet inflation in Canada is still [...]

The Philadelphia Federal Reserve Bank reported that its General Business Conditions Index for October retreated to 19.8 from 22.3 in September. Nevertheless, the figure remained near the highest level since March 2011 and was firmer [...]

UK retail sales rose by 0.5% in real terms in September. That rise left the three-month growth rate for sales at 3.1% below its 4.8% pace for 3-months but above its 2.2% pace over 12-months. Sales are up at a very strong 6.1% annual [...]

Initial claims for unemployment insurance fell to 358,000 (-6.8% y/y) during the week ended October 12 from 373,000 during the prior week, initially reported as 374,000. The Action Economics Forecast Survey expected 342,000 claims. [...]

Italy's trade balance improved in August. Both exports and imports rose month-to-month in August with exports up by 3,3% and imports up by 1.0%. Italian exports show a sharp drop in `other goods' a category that fell by 23.8% year- [...]

The Composite Housing Market Index from the National Association of Home Builders-Wells Fargo fell 2 points to 55 this month after a 1 point decline in September, last month reported as no change. This latest reading disappointed [...]

Mortgage bankers have seen their volume of business fall by roughly one-half during the last year. The Mortgage Bankers Association reported that despite the 1.7% w/w increase last week, their total mortgage market index was off 54.7% [...]

The two ZEW indices for Germany, one for current activity and the other for expectations, were mixed in October. The current index edged lower to a still strong 29.7 reading, while the expectation index, the most focused on, rose to [...]