Economy in Brief: 2012

Consumers are growing more cautious.Personal income increased 0.5% (3.5% y/y) last month following a revised 0.3% May rise. A 0.4% June gain was expected. Wages and salaries were firm and posted a 0.5% rise (3.5% y/y) after a little- [...]

Measures of confidence in Germany and in the Euro Area, as a whole, were published today. The IFO in Germany showed a decline in the headline series, the Business Climate to 103.3 (2005=100) in July from 105.2 in June. At the same [...]

There's no doubt that GDP growth has been moderate. Data released last week indicated that year-to-year growth of 2.2% ending in Q2'12 was about the same as during all of 2011 (1.8%) and 2010 (2.4%). After past deep recessions, growth [...]

The University of Michigan's Index of Consumer Sentiment for July fell to an expected 72.3 compared to 73.2 in June. The mid-month July figure was 72.0. The latest figure was the lowest since December. A lower consumer expectations [...]

It remains a problematic growth environment. Real GDP advanced at an expected modest 1.5% annual rate during Q2'12 following 2.0% Q1'12 growth and a 4.1% Q4'11 advance. The gains continue to make this the weakest economic recovery on [...]

New orders for durable goods jumped another 1.6% last month following a similar May increase (initially reported as 1.1%). The Consensus forecast was for a 0.5% June rise. Resurgent orders for aircraft & parts accounted for much of [...]

Pending sales of single-family homes fell 1.4% last month after a little revised 5.4% May rise, according to the National Association of Realtors (NAR). Sales have risen nearly one-third versus the 2010 low. Nevertheless, the sales [...]

By comparison with Italy, France and the UK, German consumers are feeling pretty good. Expectations are beginning to falter. But climate continues to show some very gradual improvement. German confidence in is the top 17% of its [...]