Economy in Brief

• Applications for both purchase and refinancings declined. • Mortgage rates edged down to record lows. The Mortgage Bankers Association Mortgage Loan Applications Index decreased 2.5% w/w (+33.0% y/y) in the week ended September 11, [...]

Meanwhile, back on earth, conditions remain weak and mixed ZEW expectations rose in September in five of the six countries surveyed; the United Kingdom was the exception. Current conditions improved everywhere up and down the line but [...]

• Manufacturing output remains strong. • High Tech and nondurable goods sectors are notably firm. • Capacity usage is unconstrained. Industrial production increased 0.4% (-7.7% y/y) during August following a 3.5% jump in July, revised [...]

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 [...]