Economy in Brief: January 2003

Chain store sales rose the same slight 0.3% as during the week prior according to the BTM-UBSW survey. Sales so far in January were up 2.1% from the December average. That likely represents a material gain in real terms due to the [...]

The ZEW (Zentrum für Europäische Wirtschaftsforschung) financial market survey of institutional investors and analysts in Germany showed an increase in the share of respondents who have a positive view of the economic outlook over the [...]

Housing starts surged much more than expected last month on the strength of gains in both single and multi family activity. November starts were revised up. For the full year, starts in 2002 were at the highest level since 1985. [...]

The U.S. foreign trade deficit deepened much more than expected in November. October's deficit was little revised. Consensus expectations had been for a November deficit of $36.1B. The end of the West Coast dock workers strike [...]

The Consumer Price Index (CPI-U) rose less than expected last month. Excluding food and energy, prices rose as expected. The core CPI less tobacco rose 0.1% (1.9% y/y). For the full year, the average gain in prices rivaled the 1.5% [...]

The Empire State Manufacturing Survey reported that the index of general business conditions rose more than expected this month. An unchanged reading versus December had been expected by some forecasters. Diffusion indexes for [...]

Retail sales rose strongly last month but less than Consensus expectations for a 1.4% gain. Sales in November were revised down due to a lowered gain for nonauto sales. The 3.4% gain in retail sales for all of 2002 was the weakest [...]

The Bundesbank reported that industrial production in Germany increased 2.5% from October to November. The consensus estimate was an advance of only 0.6%. While the month to month increase was surprising, a more realistic picture [...]