Economy in Brief: 2002

Oil prices have surged 23% since the lows set early in February. During the same period the market price for regular unleaded gasoline is up by more than a third. Despite these increases, oil and gasoline prices remain below the [...]

Consumer prices overall rose about as expected last month. Core inflation rose slightly more than the 0.2% Consensus expectation. The modest surprise in core inflation was due to no change in consumer goods prices versus deflation [...]

Housing starts rose unexpectedly last month versus consensus expectations for a moderate decline. January starts, perhaps boosted by unseasonably warm weather, were revised up. Starts in February were the second highest since early [...]

The US foreign trade deficit rose more than expected in January. December's deficit was revised shallower from $25.3B reported last month. The trade deficit began 1Q02 slightly deeper than the 4Q average of $27.6B The strength of the [...]

The PCE Chain Price Deflator recently has been quite subdued relative to the Consumer Price Index. Last year, the difference between growth in the two indexes less food & energy jumped to 1.1 percentage points. The primary difference [...]

Industrial production rose for the second month in a row led by factory sector increases of 0.3% in each month. Inventory cutbacks recently have severely depressed output. To rebuild inventories production must be raised to the level [...]

Prices for imported commodities were weaker than expected last month, falling rather than rising 0.2% as expected by Consensus estimates. Nonpetroleum import prices fell for the twelfth month in thirteen. Prices of capital goods and [...]

Total retail sales rose modestly last month following January performance that was little revised. Sales excluding autos rose less than the expected 0.5% Consensus estimate following a January surge that was unrevised. Sales of [...]