Economy in Brief: January 2011

The National Association of Realtors (NAR) reported that December pending sales of existing single-family homes increased another 2.0% m/m to the highest level since April, just before the expiration of the home-buyer tax credit. [...]

There's hardly a more volatile component of the durable goods orders report than aircraft & parts. Last month's orders halved, pulling overall transportation orders down 12.8%. The declined owed to an evaporation of orders for [...]

The EU Commission overall index fell in January to 105.8 from 106.1. Among the main gauges only the industrial gauge improved in January. Consumer confidence slipped, retail confidence stumbled badly and the other sectors were [...]

The Chicago Fed reported that its National Activity Index (CFNAI) rose last month to 0.03. It was the first positive figure since July. However, the index remained down sharply since its March peak, suggesting that the economy's [...]

Initial claims for unemployment insurance surged last week to the highest level since late-October. The increase to 454,000 was from a revised 403,000 during the prior week, initially reported as 404,000. The gain by far outpaced [...]

As expected, the Federal Open Market Committee today left the Federal funds rate in a "range from 0 to 1/4 percent." The Fed funds rate has remained unchanged since late-2008 at its lowest level ever. The discount rate also was left [...]

Home sales last month likely were affected by the weather. Total new home sales in December rose 17.5% m/m to 329,000 SAAR from 280,000 in November, revised from 290,000. Consensus expectations were for 299,000 sales. The rise in [...]

The Mortgage Bankers Association reported that overall mortgage applications fell 8.7% last week. This third consecutive weekly decline reversed most of the gains during the second half of last year and left them near the lowest since [...]