Economy in Brief: February 2013

The Philadelphia Federal Reserve Bank reported that its General Business Conditions Index fell sharply in February to -12.5. That followed a January drop to -5.8. Despite the latest decline, it was to be expected for this time of [...]

Initial unemployment insurance claims rose to 362,000 (0.0% y/y) during the week ended February 16 versus a little-revised 342,000 a week earlier. Consensus expectations were for 354,000 claims. The four week moving average of claims [...]

The flash PMIs for MFG and Services turned lower in February surprising expectations for both the manufacturing and services components. After a long period of declining that dates to a peak in 2011and has seen several minor cycles in [...]

During January, the consumer price index was unchanged (1.6% y/y) for the second consecutive month. Expectations were for a 0.1% uptick. However, elsewhere there was newfound strength in pricing power. Prices excluding food and energy [...]

The pump price for a gallon of regular gasoline has developed an uptrend. Last week's 14 cent increase to $3.75 per gallon pulled them up 4.3% y/y. The norm for this time of year, when driving is reduced, is for prices to decline. [...]

Despite record cold temperatures, starts of single-family homes inched up 0.8% last month to 613,000 (20.0% y/y), the highest level since July 2008. Total housing starts of 890,000 in January, however, were off 8.5% (+23.6% y/y) due [...]

The producer price index for finished goods gained 0.2% last month (1.4% y/y) after a revised 0.3% December fall. Expectations had been for a 0.4% increase. (Data back to 2008 were revised due to updated seasonal factors.) Prices [...]

The Zew expectations reading jumped in February to 48.2 from 31.5. This near-neutral reading (a reading of 50 would balance positive with negative expectations) stands in the 36th percentile of its historic queue of net readings; it [...]