Economy in Brief: May 2020

• Texas Manufacturing Outlook survey rose to -49.2% balance in May from record low -74.0% in April. • Expectations and all of the business indicators improved. The Federal Reserve Bank of Dallas Texas Manufacturing Outlook Survey [...]

• New single-family edged up 0.6% m/m in April to 623,000, counter to expectations, with downward revisions to February and March. • Though down meaningfully so far this year, sales are still well above late-2018 lows. • Mortgage [...]

• Weakening is broad-based around the country. The Federal Housing Finance Agency (FHFA) Price Index edged 0.1% higher during March following a 0.8% February gain, revised from 0.7%. The y/y gain nevertheless remained steady at 5.9%. [...]

• Effects of COVID-19 outbreak increasingly restrains economy. • Contraction in activity is broad-based. The National Activity Index (CFNAI) weakened to -16.74 during April from -4.97 in March, revised from -4.19. It was a record [...]

• Oil prices rise as lockdown eases. • Metals prices improve. • Plywood prices surge. The Industrial Materials Price Index from the Foundation for International Business and Economic Research (FIBER) jumped 9.4% during the four weeks [...]

This is just another in a series of reports that chronicles the deep impact that a lockdown has on a modern economy. The U.K. table detail shows that food, beverages & tobacco sales held up and have a near record month for sales while [...]

• Initial jobless claims declined to a still extremely-elevated 2.438 million in the week ending May 16. • Federal Pandemic Unemployment Assistance program claims jumped to 2.227 million new filers, likely the result of processing [...]

• Initial jobless claims declined to a still extremely-elevated 2.438 million in the week ending May 16. • Federal Pandemic Unemployment Assistance program claims jumped to 2.227 million new filers, likely the result of processing [...]