Economy in Brief

• Headline index off recent highs but still quite elevated. • Shipments rose though new orders moderated. • Prices paid increased to highest since 1979. • Hiring plans for next six months rose to near-record high. The Federal Reserve [...]

The Federal Reserve left the target for the Fed funds rate in a range of 0.0% to 0.25% at today's meeting of the FOMC. The statement accompanying the meeting indicated, "Progress on vaccinations has reduced the spread of COVID-19 in [...]

• Refinancing applications recover prior week's decline. • Purchase applications improve. • Mortgage interest rates ease again. The Mortgage Bankers Association's Loan Applications Index increased 4.2% (-20.6% y/y) in the week ended [...]

• Increase is smaller-than-expected. • Single-family and multi-family starts improve modestly. • Building permits decline. Housing starts increased 3.6% (50.3% y/y) during May to 1.572 million units (SAAR) from 1.517 million in April, [...]

• May increases significantly exceeded expectations with upward revisions to April. • Highest y/y advance for export prices in series history, led by agricultural prices. • Higher fuel prices a major factor behind rise in import [...]

Japan's trade surplus eroded to Ą43bln in May from a surplus of Ą84 bln in April. Compared to its six-month and 12-month averages, the three-month average balance shows a much reduced trade surplus. Japan's exports were dead flat in [...]

• Activity is off its November high. • Softening is evident across all regions. The Composite Housing Market Index from the National Association of Home Builders-Wells Fargo declined this month to 81 from 83 in the prior two months. [...]

The EMU trade surplus fell very sharply nearly halving itself in one-month's time as it fell to €9.4bln in April from €18.3bln March. The balance on manufacturing trade in the EMU has been very stable; the surplus on that account rose [...]