Economy in Brief

In January, the ZEW index paints a mixed and somewhat uneven view of its survey universe. For the most part, country/regional level data are little changed. In the aggregate, data are very little changed. The details show a larger [...]

• Declines in home prices & interest rates boost buying power. The National Association of Realtors reported that its Fixed Rate Mortgage Housing Affordability Index rose 0.7% (-0.7% y/y) to 168.2 in November from 167.0 in October, [...]

• Empire State Business Conditions Index decreases to 3.5 in January; fourth consecutive monthly decay. • ISM comparable series edges up to 53.0 from 52.9. • Expectations index falls to 31.9 from 36.3. The Empire State Manufacturing [...]

• Business inventories rise for fifth straight month. • Sales ease after six months of increase. • Inventory-to-sales ratio remains at six-year low. Total business inventories increased 0.5% during November (-3.2% y/y) following a [...]

The graphic tells a clear story of recent trends. Both exports and imports have been regaining momentum after they reached a 12-month growth-rate low in March. Growth rates for exports and imports are reviving with exports leading the [...]

• Production up 1.6% with widespread gains. • Durable goods up 1%, despite fall in motor vehicle output. • Capacity utilization has biggest gain since July. Industrial production advanced 1.6% in December, following an 0.5% increase [...]

• Consumer spending weakens for third straight month. • Spending declines are widespread across categories. Total retail sales including food service & drinking establishments declined 0.7% (+2.9% y/y) during December following a 1.4% [...]

• Food prices edged down while energy prices surged. • Core goods prices posted largest monthly rise since January 2014. • Service prices fell due to outsized drop in prices of trade services. The Producer Price Index for final demand [...]