Economy in Brief: June 2013

Economic recovery is taking hold. The Philadelphia Federal Reserve Bank reported that its General Business Conditions Index for June jumped to 12.5. This figure was the highest level since April 2011 and it followed an unrevised -5.2 [...]

Initial unemployment insurance claims rose to 354,000 (-8.3% y/y) during the week ended June 15 from a revised 336,000 during the week prior, initially reported as 334,000. Consensus expectations were for 340,000 claims. The four week [...]

As expected, the Federal Open Market Committee today left the Federal funds rate in a range from 0 to 1/4 percent. The Fed funds rate has remained unchanged since late-2008 at its lowest level ever. The discount rate was left at [...]

Japan's yen-based current account deficit eroded again in May as exports rose by 3.2% as imports rose faster by 4.7%. Over three months Japanese exports and imports are both growing at a hefty pace over 30% with imports growing [...]

The Mortgage Bankers Association indicated that total applications for a home mortgage fell 3.3% w/w from last week, following a 5.0% rise during the prior week. The latest level was down by nearly one-third since early-May. Last [...]

The Mortgage Bankers Association indicated that total applications for a home mortgage fell 3.3% w/w following a 5.0% rise during the prior week. The latest level was down by nearly one-third since early-May. Last week's decline [...]

The Zew economic index for Germany saw its expectations component rise slightly to 38.5 from 36.4 in June. This is the second rise in a row for the expectations component, however, it is still substantially below the levels of 48.5 [...]

The price of regular gasoline retreated last week to $3.63 per gallon but remained up 2.6% versus last year. Prices remain below the $3.78 per gallon peak reached late in February. Haver Analytics constructs seasonal factors to [...]