Economy in Brief: September 2006

After a surge in credit card borrowing in 2004, British consumers slowed their use of credit cards last year and most recently, in six of the last eight months, they have cut their credit card debt absolutely. This pattern emerges [...]

The total number of mortgage applications fell 4.9% last week according to the Mortgage Bankers Association. For the month, applications nevertheless are 3.6% above the August average which fell 3.5% from July. Purchase applications [...]

Sales of new single family home sales improved 4.1% last month to 1.05M, matched expectations and recovered more than half of July's decline. But that month's sales level was revised down to 1.009 from 1.072M estimated initially. New [...]

New orders for durable goods fell 0.5% last month after a 2.7% decline during August which was deeper than initially reported. Consensus expectations had been for a 0.5% increase, though a weakening had been hinted by the lower ISM [...]

New orders for durable goods fell 0.5% last month after a 2.7% decline during August which was deeper than initially reported. Consensus expectations had been for a 0.5% increase, though a weakening had been hinted by the lower ISM [...]

Business and consumers in Europe continue to be pleasantly surprised by their current situation, but to be anxious about the future. In Germany, the IFO research institute in Munich reported today that its sentiment indicator based on [...]

For September, the Conference Board indicated that consumer confidence recovered most of the prior month's drop, which was revised shallower, with a 4.3% increase to 104.5. Consensus expectations had been for a more moderate increase [...]

The International Council of Shopping Centers (ICSC)-UBS reported another drop in chain store sales last week. The 0.6% decline was the third drop in a as many weeks and left the average of sales in September 0.3% below August.