Economy in Brief

Nonfarm labor productivity last quarter was revised up right in line with Consensus expectations for 1.9% growth. The revision stemmed from an upward revision to output growth to 1.8% from the initial estimate of 1.4%. The initial [...]

Indications are rising that the European Central Bank may reduce its benchmark interest rate at its next meeting on June 5th. The rate was last reduced in March to 2.5% from 2.75% and compares with the U.S. benchmark rate of 1.25% The [...]

Chain store sales were unchanged last week. Sales have meandered sideways since the first week of May, according to the BTM-UBSW survey. Because of a large 2.1% jump in sales to open the month, May sales were 2.0% above the April [...]

The ISM Composite Index of manufacturing sector activity rose to 49.4 last month from 45.4 in April. The gain was a bit more than Consensus expectations for a rise to 48.5 but the index nevertheless was below 50 for the third [...]

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 [...]