Economy in Brief: December 2020

• • • PREVIOUS>>>>>>Seasonally adjusted state initial jobless claims for unemployment insurance increased to 885,000 in the week ending December 12....... Data on weekly unemployment claims going back to 1967 are contained in Haver's [...]

• Income decline reflects fewer government payments. • Spending shortfall is widespread. • Prices again hold steady. Personal income declined 1.1% (+3.8% y/y) during November following a 0.6% October drop, revised from -0.7%. A 0.3% [...]

• Orders again surprise to upside in November with upward revision to October. • Seventh consecutive monthly increase in orders. • Shipments rose; inventories jumped; order backlogs eased. Manufacturers' orders for durable goods [...]

• Mortgage applications rose only marginally. • Decline in purchase applications offset by increase in refinancing. • Mortgage interest rates mostly lower. The Mortgage Bankers Association Mortgage Loan Applications Index edged up [...]

• Conference Board measure of consumer confidence falls for second consecutive month; lowest since August. • Current conditions index plummets while expectations rise. • Jobs gap suggests flat-to-up unemployment rate in December. The [...]

It is almost December 23rd and that means that Festivus is almost upon us. It is traditional on Festivus to air one's grievances. And this Festivus, I got a lot of problems with you people. My problems with you include the so-called [...]

• Existing home sales reverse some of October's increase. • Inventory of unsold homes falls sharply. • Sales weaken broadly across regions. The National Association of Realtors (NAR) reported that sales of existing homes fell 2.5% [...]

German confidence in the GfK survey has gone from a highflying set of optimistic readings prior to the Covid-19 crisis to a weak wobbling and slipping assessment of German welfare. The index that assesses economic climate on a scale [...]