Economy in Brief: December 2020

• Jump in imports substantially deepens the goods deficit. • Services surplus declines to eight-year low. The U.S. current account deficit grew to $178.5 billion during Q3'20 from $161.4 billion in Q2, revised from $170.5 billion. The [...]

November's retail sales plunged 1.1%, the biggest monthly decline since April. And the small gain in October retail sales was revised down, and now sales in that month show a tiny decline. The sharp drop in consumer spending on retail [...]

• Growth continued at quickest rate in four months. • New orders and employment improved. • Expectations for six months ahead deteriorated. The Federal Reserve Bank of Kansas City reported that its manufacturing sector business [...]

Sectors beat up: black and blue French manufacturing and services sectors are stronger month-to-month in the December INSEE surveys. Still, both are well short of where they were before the Covid-19 virus struck. Compared to February, [...]

• Total starts increase to nine-month high. • Single-family housing starts improve to highest level since April 2007. • Building permits strengthen. Home building remains notably robust, spurred by record low interest rates. Housing [...]

• Headline index falls 15 points to lowest level since spring low. • Component declines are broad-based. • Expectations mixed. The Federal Reserve Bank of Philadelphia reported that its General Factory Sector Business Conditions Index [...]

• State and Federal Pandemic Unemployment Assistance initial claims rise for second consecutive week. • PUA and PEUC continuing claims increase, state programs decline. • Absent action, 14.0 million PUA and PEUC claimants will lose [...]

• Total starts increase to nine-month high. • Single-family housing starts improve to highest level since April 2007. • Building permits strengthen. Home building remains notably robust, spurred by record low interest rates. Housing [...]