Economy in Brief: August 2013

Last month was a busy one for home sellers. Sales of existing homes jumped 6.5% during July (17.2% y/y) to 5.390 mil. units (AR), according to the National Association of Realtors. The June figure was revised down slightly to 5.390. [...]

Consumers have backed away from their earlier spending enthusiasm. The International Council of Shopping Centers and Goldman Sachs reported that chain store sales fell 1.9% last week (+2.2% y/y). So far this month sales have fallen [...]

The price for a gallon of regular gasoline slipped one penny last week to $3.55 last week (-5.2% y/y). Prices remained down from the $3.78 per gallon peak reached late in February. Haver Analytics constructs seasonal factors to [...]

The Chicago Federal Reserve indicated that its National Activity Index (CFNAI) remained negative last month. At -0.15, it was the sixth negative reading this year. The three-month moving average of deterioration moderated slightly to [...]

Japan's economy continues to dig out after its long period of lethargy, after having been embroiled in a global financial collapse, and then, after being struck by an earthquake, a tsunami and a nuclear disaster, the latter being like [...]

The overall U.S. rate of unemployment of 7.4% stood last month at its lowest level since December 2008. Improvement has registered across the country and gained momentum in many states. While the country's overall jobless rate is down [...]

Japanese goods exports fell by 1.8% July as imports of goods surged by 2.7%, widening Japan's trade deficit on the month. Year-over-year exports are growing at a 9.1% annual rate as imports surge at a 17.9% annual rate and as oil [...]

Nonfarm business sector productivity growth during Q2'13 improved 0.9% (SAAR) after two quarters of 1.7% decline. (Figures back through 2011 were revised.) Over the past year, worker productivity has been unchanged. This result [...]