Economy in Brief: June 2012

The May National Activity Index (CFNAI) from the Chicago Federal Reserve to -0.45 from a revised 0.08 in April, last month reported as 0.11. Moreover, the three-month moving deteriorated to -0.34, its lowest reading since June of last [...]

Italy's consumer confidence looks like it is about plunge right off the chart. The confidence measure has dropped by over one point in June and is at a new all-time low. And as we peruse the components they are disaster-struck. The [...]

The U.S. House Price Index from the Federal Housing and Finance Agency (FHFA) rose 0.8% during April following a 1.6% March jump. It was the third consecutive monthly gain and lifted the y/y increase to 3.0%. That gain followed four [...]

The Leading Economic Indicator index from the Conference Board rose 0.3% last month after an unrevised 0.1% slip during April. A 0.1% increase had been expected. An improved 70% of the component series rose last month. That remained [...]

Sales of existing homes slipped 1.5% last month to a 4.550 annual rate (9.6% y/y) from an unrevised 4.620M during April. Sales of existing single-family homes alone fell 1.0% to 4.050M, up 10.4% y/y. (These data have a longer history [...]

Another sign of economic weakening came today from the Philadelphia Federal Reserve Bank. Its General Business Conditions Index fell sharply this month to -16.6 from an unrevised -5.8 in May and compared to an expected 0.5. The figure [...]

The Markit PMI flash readings for June offer little in the way of solace. The MFG reading fell while the service sector reading perked up ever so slightly. Positioned in their respective high-low ranges, the MFG index stands in the [...]

There's further evidence that the rate of labor market improvement has slowed. The four-week moving average of initial claims for unemployment insurance rose to 386,250 last week, their highest since December. Initial claims for [...]