Economy in Brief

• 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 [...]

• Core goods prices surge. • Services prices moderate. • Energy prices jump. Retail pricing power continued to improve last month. The Consumer Price Index increased 0.4% (1.3% y/y) during August following a 0.6% rise in July. The [...]

Europe's September 10 Covid-19 update has France and Italy both 'in the Mix': 4,006,374 cases; the five countries reporting most cases are Russia (1,035,789), Spain (543,379), United Kingdom (355,219), France (344,101) and Italy [...]

• Wholesale inventories drop for third straight month. • Sales continue to surge. • Inventory-to-sales ratio falls with sales' strength. Wholesale inventories worked lower again, falling 0.3% during July (-5.6% y/y) and continuing [...]

• Core pricing power is improved. • Energy & food prices slip. • Services prices remain firm. The Producer Price Index for final demand rose 0.3% (-0.2% y/y) during August following a 0.6% July increase. A 0.2% increase had been [...]

• Seasonally adjusted state initial claims unchanged at 884,000 in the week ending September 5. • Not seasonally adjusted state initial jobless claims rise to 857,148. • Federal Pandemic Unemployment Assistance new filers increased to [...]