Economy in Brief: 2003

Measures of business and consumer confidence in March for three Eurozone countries–Italy, Belgium and the Netherlands--show growing pessimism among businessmen and consumers. Except for the Netherlands, business men were less [...]

Chain store sales ticked 0.1% higher last week for the fourth consecutive weekly gain according to the BTM-UBSW survey. Mild weather helped sales offset the "CNN effect" related to the start of War in Iraq. The sales rise last week [...]

War in Iraq generated a sharp retreat in crude oil prices. The US spot price for West Texas Intermediate crude fell to $27.50 by the end of last week from the high over $37.00 earlier in the month. Lower oil prices pulled down the [...]

The Consumer Price Index (CPI-U) rose last month slightly more than Consensus expectations for a 0.5% gain. The 0.6% increase was the largest for one month since January 2001. The CPI less food and energy rose 0.1% (1.7% y/y). That [...]

Initial claims for unemployment insurance fell less than expected last week, down 0.9% from the prior week's level which was revised up. Expectations were for claims of 415,000. It was the second consecutive weekly decline in initial [...]

The index of mortgage applications compiled by the Mortgage Bankers Association rose another 4.4% last week. The index has surged 54.5% in just the last four weeks. Applications to refinance rose 5.2% and have risen 72.6% during the [...]

Business sentiment in Germany continued to improve in March from the very low level reached in December. The ZEW indicator of market sentiment regarding the economic outlook for the next six months rose to 17.7%, that is, the [...]

Housing starts fell more than expected last month. Total starts fell a sharp 11.0% from a downwardly revised January level. Starts had been expected to decline to 1.75 mil. units. Single family starts fell 13.7% m/m from the near- [...]