Economy in Brief: October 2016

The Mortgage Bankers Association reported that its total Mortgage Market Volume Index rose 0.6% last week (18.5% y/y) following a 6.0% fall. Applications to purchase jumped 3.0% (13.0% y/y), and made up the prior week's decline. [...]

Housing starts fell 9.0% during September (-11.9% y/y) to 1.047 million units (AR) following a 5.6% August decline to 1.150 million, revised from 1.142 million. It was the lowest level of starts since March of last year. Expectations [...]

The Composite Housing Market Index from the National Association of Home Builders-Wells Fargo fell 3.1% during October to 63 (6.7% y/y) following an unrevised jump to 65 in September. The NAHB figures are seasonally adjusted. During [...]

The U.K. is bracing for inflation since the pound sterling has been in a tailspin in the wake of the U.K. Brexit vote. Sterling is down from its peak this year by about 16% vs. the dollar and about the same amount vs. the euro. When a [...]

WTI crude oil prices rose to $50.42 per barrel last week (7.7% y/y). Yesterday, prices eased to $49.94 per barrel, but they remain up from a daily low of $26.21 per barrel in February. Brent crude oil prices rose to $52.26 per barrel [...]

The consumer price index increased 0.3% (1.5% y/y) during September following an unrevised 0.2% rise. It was the strongest increase since April, and matched expectations in the Action Economics Forecast Survey. Prices excluding food & [...]

Industrial output nudged 0.1% higher (-1.0% y/y) during September following a 0.5% August decline, revised from -0.4%. The increase matched expectations in the Action Economics Forecast Survey. Factory sector production increased 0.2% [...]

The Empire State Factory Index of General Business Conditions for October remained below zero for the third straight month as it fell to -6.80 from -2.00 in September. Earlier figures were revised slightly. Expectations had been for [...]