Economy in Brief

• May budget deficit falls short of expectations. • Tax receipts improve with economic growth. • Income-security outlays continue to climb. The U.S. Treasury Department reported a federal budget deficit of $2.064 trillion for the [...]

In April manufacturing industrial production (IP) grew in eight of thirteen early IP reporters in Europe. IP fell in Germany, France, Ireland, Sweden, and Norway. Output rose in Italy and Spain, the third and fourth largest EMU [...]

• Annual increase is strongest since August 2008. • Core goods & services prices remain strong. • Food prices are firm, but energy prices hold steady. Price inflation at the retail level is firm. The Consumer Price Index rose 0.6% [...]

• Initial state claims down another 9,000. • Continuing state claims fall to pandemic low. • PUA claims lowest since very first week of program in April 2020. Initial claims for unemployment insurance fell 9,000 in the week ended June [...]

German exports disappointed, ticking higher by just 0.3% in April after a 1.3% gain in March. Still, German imports fell by 1.7% after a 7.1% rise in March and those results pushed the German surplus to €15.8bln in April up from [...]

• Strength in inventories is broad-based. • Sales improvement follows March surge. • I/S ratio holds steady. Wholesale inventories increased 0.8% during April (5.2% y/y) following a 1.2% March increase, revised from 1.3%. The latest [...]

• Refinancing applications fall sharply, purchases edge higher. • Mortgage interest rates ease slightly. • Applications influenced by late holiday. The Mortgage Bankers Association's Loan Applications Index fell 3.1% (-25.7% y/y) in [...]

Germany's industrial production fell by 1% in April, dropping for the third time in four months. IP is lower over three months for Germany overall and for each manufacturing sector. Over six months German IP is making a gain, but that [...]