Economy in Brief: July 2016

The Federal Reserve Bank of Kansas City reported that regional manufacturing sector business activity deteriorated sharply during July, and completely reversed the improvement during the prior three months. The Composite Index of 10th [...]

The Federal Reserve Bank of Kansas City reported that regional manufacturing sector business activity deteriorated sharply during July, and completely reversed the improvement during the prior three months. The Composite Index of 10th [...]

The EU region saw its sentiment gauge drop to 104.8 in July from 105.7 in June in the wake of the U.K. Brexit vote. A good deal of this weakness is from the U.K. itself, still an EU member, whose own index fell by 4.1% month-to-month. [...]

Initial unemployment insurance claims increased to 266,000 (-1.1% y/y) during the week ended July 23 from 252,000 in the prior week, revised from 253,000. Claims remained near the lowest level since 1973. The four-week moving average [...]

At today's meeting of the Federal Open Market Committee, the fed funds rate was left unchanged in the range of 0.25%-0.50%, as expected. Policy was viewed as "accommodative" in the report. The commentary in today's release was much [...]

The Mortgage Bankers Association reported that its total Mortgage Market Volume Index fell 11.2% (+43.8% y/y) last week following a 1.3% shortfall. Purchase applications declined 3.3% (+12.2% y/y). Refinancing applications fell 15.1%, [...]

The National Association of Realtors (NAR) reported that pending home sales rose 0.2% (1.0% y/y) during June following an unrevised 3.7% May decline. These sales are reported as an index with 2001=100. The June value of 111.0 was 3.5% [...]

While the monthly money and credit numbers show some small upticks, the broader three-month growth rates for EMU money and credit continue to disappoint and to show deceleration. There is nothing good going on for the ECB to point to. [...]