Economy in Brief

• Led by 2.5% w/w jump in refinancing applications. • Purchase applications were essentially unchanged. • Fixed mortgage interest rates generally declined with the Jumbo rate falling to a new record low. The Mortgage Bankers [...]

• Trade deficit decreased to $79.4 billion in September from a record $83.1 billion. • Exports grew by 2.7% while imports declined 0.2%. • Exports still 11.4% below February 2020 level. Imports up 2.4%. The advance estimate of the [...]

Money and credit trends have become somewhat complicated. In the table below, money and credit growth broadly decelerate over three months compared to six months. But year-on-year growth compared to its 2-year pace has accelerated [...]

• Confidence backpedals m/m but rises sharply from recession low. • View of present conditions continues to strengthen; expectations deteriorate. • Confidence again rises amongst all age brackets. The Conference Board's consumer [...]

• The factory sector continues to strengthen. • Business investment leads the improvement. • Shipments rise modestly; orders backlogs ease. Manufacturers' orders for durable goods strengthened 1.9% (-1.9% y/y) during September [...]

• FHFA home price index jumped up 1.5% m/m, a record dating back to 1991. • Prices up 8.0% y/y, the fastest annual pace of increase since 2006. • Significant monthly price gains across the country. The Federal Housing Finance Agency [...]

• Natural gas prices strengthen as seasonal demand increases; supply tightens. • Energy product demand declined while inventories rose. Natural gas prices increased 26.3% (21.8% y/y) to $2.74/mmbtu in the week ended October 23 after a [...]

The German IFO survey for October produced a gain of 1.4 points in overall 'Climate,' a progression of 5.9 points on its current all-sector index was logged as well as a decline of 0.7 on the all-sector index for expectations. For [...]