Economy in Brief

Economic activity in New York surprised market expectations in September with the Empire State General Business Conditions Index, jumping up to 17.0 from 3.7 in August and almost recouping all its lost ground in August. The Action [...]

• Price increases are broad-based. • Oil import prices firm but farm export prices ease. Import prices increased 0.9% (-1.4% y/y) during August following a 1.2% July rise, revised from 0.7%. A 0.5% gain had been expected in the Action [...]

• Crude oil prices decline to lowest level since June. • Gasoline prices edge down. The price for a barrel of West Texas Intermediate crude oil fell to an average of $37.39 per barrel (-33.4% y/y) in the week ended September 11. It [...]

• Lumber & metals prices continue to strengthen. • Petroleum prices falter. The recent improvement in factory sector activity continues to support industrial materials prices. The Industrial Materials Price Index from the Foundation [...]

There are at least two stories on how to look at the evolution of IP in the EMU. One is to note the sharp ongoing rebound that is clearly depicted in the table as well as in the chart. The other is to note how, despite this recent [...]

• Monthly budget gap increases deficit to $3.007 trillion so far in FY'20. • Receipts decline moderately while outlays surge. The U.S. Treasury Department reported that since the start of the fiscal year, which began in October, the [...]

• Higher home prices offset decline in mortgage interest rate. The National Association of Realtors reported that its Fixed Rate Mortgage Housing Affordability Index declined 0.5% to 163.3 in July (+5.2% y/y), the third consecutive [...]

Inflation is remaining low globally in the wake of the coronavirus-induced recession. The one exception is that oil prices have flared but now they also are turning lower as the initial recovery spurt in growth is giving way to more [...]