Economy in Brief: 2014

Production in the manufacturing sector jumped 1.0% (4.9% y/y) during July after increasing 0.3% during the prior two months, last month reported as 0.1% for June and 0.4% for May. Overall industrial output in the U.S. increased 0.4% [...]

With Russian sanctions biting, we saw the first impact on European growth in the recent GDP figures. Germany is now the largest trading partner with Russia in the European Monetary Union, having just surpassed Finland. However, [...]

The overall Final Demand Producer Price Index rose 0.1% during July (1.7% y/y) following an unrevised 0.4% June increase. The gain matched expectations in the Action Economics Forecast Survey. Prices excluding food & energy improved a [...]

Import prices slipped 0.2% during July (+0.8% y/y) following an unrevised 0.1% uptick in June. The shortfall matched expectations in the Action Economics Forecast Survey. A 1.4% decline (+1.7% y/y) in petroleum prices provided the [...]

GDP growth in the European Monetary Union (seasonally adjusted and working day adjusted) barely edged higher in Q2 2014, rising by 0.2%. The year-over-year figures show a deceleration in the growth rate to 0.7% in Q2 2014 from 0.9% in [...]

Job market improvement stuttered last week. Initial claims for jobless insurance during the week ended August 9 increased to 311,000, the highest level in six weeks. Claims during the prior week totaled 290,000, revised from 289,000. [...]

The Mortgage Bankers Association reported that their total Mortgage Market Volume Index declined 2.7% last week (-28.4% y/y). Applications remained two-thirds below the peak in September 2012. Applications to refinance an existing [...]

Total business inventories increased 0.4% in June (5.8% y/y) after an unrevised 0.5% May advance. Increases in inventories during Q2'14 picked up versus the first quarter and added 1.6 percentage points to real GDP growth. That [...]