Economy in Brief: May 2021

The chart above on auto registration really makes all the points you need on this month’s report. While we are schooled to look at percentage changes because they are fairer comparisons over time and free us of some the biases of [...]

• The volume of all applications remains well below January highs. • Refinancings increase, but purchase applications decline. • Mortgage interest rates edge higher. The Mortgage Bankers Association's Loan Applications Index increased [...]

Online retail sales, more formally known as "E-Commerce sales," increased 7.7% (39.1% y/y) in Q1'21 on a seasonally adjusted basis, according to the U.S. Census Bureau, after easing 0.9% in Q4 and 1.2% in Q3. The Q1 increase in [...]

• Disruptions to the Colonial Pipeline operations pushed gasoline prices above the $3.00 per gallon for the first time since October 27, 2014. • The price of West Texas Intermediate crude oil held steady • Natural gas prices [...]

• Single-family starts decline while multi-family starts improve. • Building permits edge higher. Housing starts declined 9.5% (+67.3% y/y) during April 1.569 million units (SAAR) from 1.733 million in March, revised from 1.739 [...]

• Building activity is currently slower than last autumn. • Activity is mixed regionally. The Composite Housing Market Index from the National Association of Home Builders-Wells Fargo was unchanged this month at 83, after rising [...]

Italy is one the early member of the Euro Area, of the EU, and of its precursor organizations. It was long one of the typical high inflation Mediterranean countries. But in the wake if the global financial crisis, Italy underwent [...]

• Activity index eases m/m but remains near recent highs. • New orders strengthen while employment grows modestly. • Prices paid continue to surge. The Empire State Manufacturing Index of General Business Conditions fell two points to [...]