Economy in Brief: August 2013

Fewer new home sales accompanied lower home prices last month. New home sales in July dropped 13.4% to 394,000 from 455,000 in June, initially reported as 497,000. The latest was the lowest number of new home sales since October. The [...]

The UK economy expanded 0.7% (Q/Q) in the second quarter, in a revised GDP statement issued today. The new GDP growth rate exceeds the initial estimate of 0.6%. GDP is now advancing at a 2.9% annual rate in the quarter and is up by [...]

The Markit 'flash' indicators for the euro-Zone show continued improvement in the manufacturing and services sectors in August. The euro-Area manufacturing index is up to 51.3 from a level of 50.3 in July. The services sector made a [...]

The index of Leading Economic Indicators, published by the Conference Board, increased 0.6% last month (3.1% y/y). The gain was the strongest since April and followed an unrevised no-change during June. A 0.5% rise had been expected [...]

Home price appreciation continues to build momentum. The U.S. House Price Index from the Federal Housing and Finance Agency (FHFA) rose 0.7% during June after a slightly revised 0.8% May increase. A 0.6% gain had been expected in the [...]

Initial unemployment insurance claims rebounded to 336,000 (-10.2% y/y) in the week ended August 17 from 323,000 during the week prior, initially reported as 320,000. The figure remained nearly the lowest since October 2007. It [...]

Despite some lingering skepticism, the UK economy continues to register strong readings and in some cases fabulously strong readings. The Confederation of British industry, or (CBI), survey shows exceptional order strength in August. [...]

Mortgage market activity continues to ease. The Mortgage Bankers Association reported that the total mortgage market index fell 4.6% (-45.2% y/y) last week. Applications to refinance an existing loan declined 7.7% (-57.1% y/y) and [...]