Economy in Brief: 2003

Total business inventories rose twice Consensus expectations for a 0.3% gain. The 0.6% rise was the tenth consecutive monthly increase and that followed decumulation which extended through 2001 and into last year. Retail inventories [...]

Retail sales in March rose 2.1% and were much stronger than Consensus expectations for a 0.4% rise. The sales decline in February was lessened due to shallower declines in sales of building materials and apparel. Sales in 1Q rose at a [...]

Initial claims for unemployment insurance last week were lower than Consensus expectations for 430,000. Claims fell 8.6% w/w to 405,000 and reversed virtually all of the prior week's jump. Claims in the prior week were revised down [...]

The index of mortgage applications compiled by the Mortgage Bankers Association fell 1.0% last week. It was the third consecutive weekly decline during which applications have fallen a total of 25.5%. Last week's decline was again led [...]

Chain store sales fell another 0.5% last week following a 1.4% decline the week prior according to the BTM-UBSW survey. A continued "CNN effect" -- when consumers stay home to watch TV rather than head out to shop -- and unfavorable [...]

The Weekly Leading Index of the US economy published by the Economic Cycle Research Institute (ECRI) fell in the final week of March and the dip left the March average about even with February. Treading water since November, the six- [...]

Nonfarm payrolls fell in March by 108,000, the fifth decline in the last seven months. Consensus had expected a 25,000 worker decline. The drop in February payrolls was deepened to a loss of 357,000 from a loss of 308,000 reported [...]

Initial claims for unemployment insurance last week were much higher than Consensus expectations for 410,000. Claims in the prior week were revised up slightly. The 9.3% w/w rise to 445,000 brought claims to the highest level since [...]