Economy in Brief: April 2003

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 [...]

Unit sales of light vehicles were surprisingly firm in March. Sales rose 4.8% from February and reversed nearly all of that month's m/m decline. Consensus expectations were for a 15.5 mil. unit sales rate. Sales of both light trucks [...]

The Bank of Japan’s most recent quarterly survey of business conditions, the Tankan, is further evidence that the Japanese economy is losing momentum. A key statistic in the survey is the appraisal of actual business conditions [...]