Economy in Brief: January 2004

Initial claims for jobless insurance edged 1,000 lower last week to 341,000. The prior week's level was revised down slightly. Consensus expectations had been for claims of 340,000. The latest claims figure covers the survey period [...]

Housing starts added another 1.7% in December, rising to the highest level since February 1984. Consensus forecasts had been for a moderate decline versus November which was revised down. For the year, 2003 was the strongest for [...]

Business confidence is beginning to falter in Germany and in other countries of the Euro-zone. Earlier this month, it was reported that business confidence in December, while it improved slightly in the construction sector, declined [...]

The Empire State Index of General Business Conditions for January rose three points to 39.22, a record high, and confirmed the indication of strength in the factory sector from the Philadelphia Fed's Business Outlook Survey. The new [...]

Exports from the Euro-zone declined 0.77% in November, bringing the level of exports 4.48% below a year ago. The trend in exports has been negative since early 2002 when the euro began its rise but the extent of the decline has so far [...]

Industrial production edged up 0.1% in December, quite a bit less than Consensus expectations for a 0.7% rise. Utility output fell 1.3% (-0.7% y/y). The factory sector faired better last month and added 0.3% to the upwardly revised [...]

Retail sales rose 0.5% last month, somewhat less than the 0.8% Consensus expectation. The previously reported 0.9% gain in November sales was revised up to a 1.2% increase. Sales of nonstore retailers surged 2.1% (9.1% y/y). Motor [...]

Finished producer prices rose 0.3% in December and reversed the prior month's 0.3% decline. Consensus expectations had been for a 0.2% gain. For 2003 the PPI rose 3.2%, the largest increase since 2000. Core producer prices fell 0.1% [...]