Economy in Brief: 2003

The index of mortgage applications, compiled by the Mortgage Bankers Association, fell a slight 2.5% last week (+101.2% y/y). For the month of January, applications rose 23.2% from December and were up 89.1% from last January. [...]

Unit sales of light vehicles fell sharply in January. The 11.5% m/m decline reversed virtually all of the sharp gain the prior month. January sales were slightly below Consensus expectations for a 16.4 mil. unit sales rate. Sales of [...]

The ISM Composite Index of manufacturing sector activity fell modestly last month from an upwardly revised December level. It was the third consecutive month the index was above 50, thus indicating expansion in factory sector [...]

Personal income rose twice the Consensus expectation for a 0.2% gain last month. Firm growth in nominal income and tax cuts lifted disposable income growth last year to 5.9%, 4.5% after inflation. These gains raised the personal [...]

Real GDP last quarter grew slightly less than expected. At 0.7% (AR) growth was the weakest since 3Q01. Consensus expectations were for 1.0% growth. A slower rate of inventory accumulation subtracted from GDP growth for the first [...]

The index of mortgage applications, compiled by the Mortgage Bankers Association, surged 6.4% last week (117.3% y/y) following two consecutive weeks of moderate decline. Mortgage applications to refinance rose 7.8% (232.3% y/y) and [...]

Durable goods orders rose about as expected last month. The gain was slight and followed a sharp November decline that was little revised. Consensus expectations had been for a 0.5% rise. The rise in durable orders failed to match the [...]

With a 7% decline in Japanese exports and a 1% rise in imports, Japan’s trade surplus declined from 1,050.7 billion yen in November to 657.3 billion yen in December, a greater than expected decline. The strengthening yen since early [...]