Economy in Brief

The EMU unemployment rate dropped in May, signaling that EMU-wide progress is still on track. However, the EMU unemployment rate is only four tenths of a percentage point (0.4) higher than it was before Covid-19 struck, leaving EMU [...]

• Private nonresidential building activity declines sharply. • Residential building improves slightly. • Public sector construction continues to ease. The value of construction put-in-place weakened 0.3% (+7.5% y/y) during May after [...]

• Continuing claims for state benefits rose moderately. • PUA claims rose for third consecutive week, but held to recent flat trend. • Total weeks claimed decrease to low since April 4, 2020. Initial claims for unemployment insurance [...]

• Factory activity expands for 13th consecutive month. • Component movement is mixed. • Price increases continue to be broad-based. The Institute for Supply Management (ISM) reported that its Composite Index of Manufacturing Sector [...]

Italian inflation is only at 1.4% (HICP) or 1.3% (domestic index) on a year-on-year basis. Inflation in Germany already is over the top of the pace established as beyond the maximum by the ECB (2%). And while the two Italian headline [...]

• Barometer falls to lowest level in four months. • New orders & production weaken. • Delivery speeds slow while pricing power strengthens. The ISM-Chicago Purchasing Managers Business Barometer declined to 66.1 in June from 75.2 in [...]

• Rise in May more than offsets decline in April with gains in each region. • Purchases remain constrained by limited supply and rapidly rising prices. Pending home sales rebounded in May, rising 8.0% m/m (+13.1% y/y) following a 4.4% [...]

• Increase is unexpectedly strong. • Hiring is robust across business size. • Industry gains led by leisure & hospitality. Job market improvement remains solid. The ADP National Employment Report indicated that June nonfarm private [...]