Economy in Brief: 2021

• Housing market activity remains below November high. • Weakness is broad-based regionally. The Composite Housing Market Index from the National Association of Home Builders-Wells Fargo declined 2.4% (13.9% y/y) to 82 during March. [...]

The table suggests that the operative word for the ZEW survey this month is 'stronger.' Readings improved in 34 of 35 non-foreign exchange related categories that assess macroeconomic conditions, markets and inflation. In fact, the [...]

• Total business sales jump in January. • Total business inventory-to-sales ratio resumes its downward correction. Total business inventories rose 0.3% during January (-1.8% y/y) following an upwardly revised 0.8% in December (from [...]

• PREVIOUS>>>>>>>>>>Industrial production increased 0.9% m/m (-1.8% y/y) in January. Industrial production and capacity are located in Haver's USECON database. Additional detail on production and capacity can be found in the IP [...]

• Weakness is broad-based. • Decline follows January spending boost from stimulus checks. Total retail sales including food service and drinking establishments declined 3.0% (+6.3% y/y) during February after rising 7.6% in January, [...]

• Import prices rose 1.3% in February with imported fuel prices up 11.1%. • Annual increase in nonfuel import prices highest since January 2012. • Export prices increased 1.6%. Annual increase highest since June 2018. Import prices [...]

• Gasoline prices rise by one-quarter y/y. • Crude oil prices touch 2019 high. • Natural gas prices drop again. The price of regular gasoline strengthened to $2.85 per gallon (26.9% y/y) in the week ended March 15, its highest level [...]

State labor market data in January tended to show declines in unemployment with fairly muted changes in payroll employment. 20 states report statistically significant declines in their unemployment rates. Michigan's remarkable 2.5 [...]