Economy in Brief: 2016

The Philadelphia Federal Reserve reported that its General Factory Sector Business Conditions Index declined in July to -2.9 from an unrevised 4.7 in June. Despite the lower reading, it remained up from December's low of -10.2. The [...]

The Federal Housing Finance Agency's (FHFA) index of U.S. house prices rose a modest 0.2% m/m (5.6% y/y) in May following an upwardly revised 0.3% m/m (5.9% y/y) increase in April. Though the y/y change in nationwide house prices has [...]

Initial claims for unemployment insurance of 253,000 (-3.8% y/y) during the week ended July 16 compared to an unrevised 254,000 in the prior week. They remained near a record low. The Action Economics Forecast Survey expected 262,000 [...]

The Mortgage Bankers Association reported that its total Mortgage Market Volume Index fell 1.3% last week, yet rose roughly two-thirds y/y. Purchase applications declined 2.0% (+15.9% y/y). Refinancing applications eased 0.9%, but [...]

Regular gasoline prices eased to $2.23 per gallon last week (-20.4% y/y), down from $2.40 early last month, according to the U.S. Department of Energy. Prices are down versus a 2014 high of $3.71 per gallon. Haver Analytics constructs [...]

Housing starts increased 4.8% during June to 1.189 million units (SAAR) from 1.135 million in May, revised from 1.164 million. It was the highest level since February, but still 2.0% lower than one year earlier. Expectations were for [...]

The Composite Housing Market Index from the National Association of Home Builders-Wells Fargo eased to 59 in July from an unrevised 60 in June. The NAHB figures are seasonally adjusted. During the last ten years there has been an 72% [...]

The Empire State Factory Index of General Business Conditions declined during July to 0.55 and reversed much of its June improvement. Expectations had been for 5.0 in the Action Economics Forecast Survey. The data are reported by the [...]