Economy in Brief: 2008

The S&P/Case-Shiller Composite 20 home price index during June fell 0.5% from May after a revised 0.9% drop during that month. Since the peak in July 2006 prices have fallen 18.8% and by 15.9% during the last twelve months. The series [...]

Sales new single-family homes in July rose 2.4% to 515,000. The increase, however, merely recovered a 2.1% fall during June which was deeper than estimated initially. The level of sales in July was down 62.9% from the July 2005 peak. [...]

The Conference Board reported that consumer confidence rose a surprising 9.6% this month after a moderate 1.8% July gain. The rise contrasted with Consensus expectations for just a modest increase. The increase was fueled by a 23.7% [...]

According to the International Council of Shopping Centers, chain store sales ticked up 0.2% last week after the 0.1% rise during the week prior. So far in August sales are up 0.2% from the July average after that month's 0.5% rise.

The pump price for a gallon of regular gasoline fell another six cents last week to $3.69 per gallon, according to the U.S. Department of Energy survey. The price has now fallen by 43 cents, or 10.4%, from the peak in early July. [...]

The Conference Board reported that consumer confidence rose a surprising 9.6% this month after a moderate 1.8% July gain. The rise contrasted with Consensus expectations for just a modest increase. The increase was fueled by a 23.7% [...]

Not that SPAIN is an inflation bellwether but a 23-year high is a 23-year high -- Soaring energy costs sent Spanish producer price inflation to a 23 ˝ year high of 10.1 percent in July. Many are calling this the peak in inflation. [...]

The Office of National Statistics (ONS) reported that real GDP in the United Kingdom in the second quarter of this year was unchanged from the first quarter. Consumption expenditures were little changed as household consumption [...]