Economy in Brief

The Purchasing Managers’ Composite Index (PMI) released by the Institute of Supply Management rose to 66.2 in December from 62.8 in November. It was the highest level for the Composite Index since December 1983. Consensus expectations [...]

Initial claims for jobless insurance fell last week to 339,000, the lowest level since the first week of 2001. The prior week's level was little revised at 354,000. Consensus expectations had been for claims of 350,000. The four-week [...]

The Chicago Purchasing Managers Business Barometer for December gave back slightly more of the prior month's surge than was expected. The decline to 59.2 was versus Consensus expectations for a decline to 62.0 and followed the [...]

The Conference Board’s National Index of Help-Wanted Advertising improved to 39 last month, the highest level since March. During the last ten years there has been a 92% correlation between the level of help-wanted advertising and the [...]

Durable goods orders unwound much of the prior month's strength with a 3.1% plunge in November. October orders were revised up to a 4.0% gain from the advance report of a 3.3% jump. Consensus expectations had been for a 1.0% rise in [...]

US economic growth was unrevised at 8.2% (AR) for 3Q03, as expected. Growth in corporate profits w/IVA & CCA was lowered slightly to 46.0% (AR, 24.9% y/y) from the initial read of 56.0% growth. That followed a 48.1% burst in 2Q. [...]

Italian business confidence dropped to 91.2 (1995=100) in December from a revised November reading of 94, which had previously been reported at 94.4. The mood among businessmen in Italy contrasts with that in other Eurozone countries [...]

The foreign exchange value of the US dollar versus major currencies has risen 2.5% since the early December low (-12.2% y/y). Roughly 50% of US foreign trade is with the countries in the major currency index. Since 1990 there has been [...]