Economy in Brief

• Second monthly decline in pending home sales after four consecutive monthly increases. • Sales drop concentrated in Northeast. Pending home sales fell 1.1% m/m (+20.2% y/y) in October, their second consecutive monthly decline [...]

The Italian business and consumer confidence readings are excellent examples of what much of Europe is going through right now. Italian confidence was hard-hit on the encroaching virus early in the year. It then snapped back sharply [...]

• New single-family home sales tick down in October, but were up 41.5% y/y. • Sales mixed regionally, but generally move modestly after sizable monthly swings earlier in the year. New single-family home sales around the country [...]

• Decline in income reflects fewer government transfer payments. • Spending strength reflects higher services outlays. • Prices remain steady. Personal income declined 0.7% during October (+5.5% y/y) following a 0.7% September rise, [...]

• Q3 GDP jumps at an unrevised 33.1% annual rate in second estimate. • Component revisions were relatively small and offsetting. • Q3 after-tax corporate profits rebounds 36.6% non-annualized; above 2019Q4 peak. • Key price measures [...]

• State initial claims climbed another 30,000 in Nov 21 week. • Continuing claims decreased for state but both PUA and PEUC increase. • Insured unemployment rate continues downtrend. Initial claims for regular state unemployment [...]

• Orders again surprise to upside in October with upward revision to September. • Sixth consecutive monthly increase in orders. • Shipments jumped; inventories rose; order backlogs eased. Manufacturers' orders for durable goods [...]

• Export growth eases while import gain accelerates. The advance estimate of the U.S. trade deficit in goods deepened to $80.29 billion during October from September's $79.36 billion, revised from $80.7 billion. The Action Economics [...]