Economy in Brief

• Mortgage applications to purchase homes rose sharply. • Average size of loans to purchase reaches another record high. • Fixed mortgage rates fall to still another all-time lows. The Mortgage Bankers Association Mortgage Loan [...]

The number of unemployed in the EMU continues to fall and this month that drop was enough to move the rate of unemployment lower as well. The EMU-wide unemployment rate fell to 8.4% in October from 8.5% in September. The EMU [...]

• Job gain disappoints expectations. • Service-sector weakening is pronounced. The ADP National Employment Report indicated that nonfarm private sector payrolls increased 307,000 (-7.1% y/y) during November following a 404,000 October [...]

• Passenger car sales ease slightly. • Sales of light trucks fall for second straight month. • Imports share of market improves. Buyers of light vehicles pared back spending last month and added to October's weakness. The Autodata [...]

The manufacturing PMIs show that improvement vs. deterioration trends month-to-month are pretty even for November with nine reporters lower, eight higher and one unchanged (Mexico, by assumption, using October's data for November to [...]

• Factory activity weakens as coronavirus surges. • New orders, production and employment series ease. • Price index remains strong. The Institute for Supply Management (ISM) reported that its Composite Index of Manufacturing Sector [...]

• Construction spending increased 1.3% in October with net upward revisions to previous two months. • Residential jumps 2.9%; continued weakness in nonresidential. • Public increases for first time since May. • Total spending now just [...]

• Gasoline prices improve. • Crude oil costs continue to rise. • Natural gas prices move lower. The price of regular gasoline improved last week, rising to $2.12 per gallon (-17.7% y/y) and reversing the prior week's decline to $2.10. [...]