Economy in Brief: May 2012

The Philadelphia Federal Reserve Bank's General Business Conditions Index fell sharply this month and into negative territory. The decline to -5.8 for May from an unrevised 8.5 compared to an expected gain to 10.3. The figure was the [...]

The Leading Economic Indicator index from the Conference Board slipped 0.1% last month after an unrevised 0.3% increase during March. A 0.1% increase had been expected. Just 50% of the component series rose in the last two months [...]

Initial unemployment insurance claims held steady during the week of May 12 at 370,000. Consensus expectations were for 365,000 filings. The figure for two weeks ago was revised up from 367,000. The four-week moving average of initial [...]

EMU imports and exports fell across nearly every category in March. The trade account was in surplus for the fifth month in a row and the sixth in the last seven. Exports fell by 0.9% m/m as imports contracted by 1.1% m/m. Both of [...]

Overall industrial output posted a 1.0% increase last month following a 0.5% March decline, initially reported as no change. The gain doubled Consensus expectations for a 0.5% increase according to Action Economics. A 4.6% (1.2% y/y) [...]

The Mortgage Bankers Association index of total mortgage applications rose 9.2% (43.1% y/y) during last week. The increase was paced by a 13.0% gain (64.3% y/y) in refinancing. Home purchase applications fell 2.4% w/w (2.0% y/y). [...]

The rebound was modest, but at least it stemmed two months of decline. Housing starts in April rose 2.6% to 717,000 following a 2.6% decline during March, revised from 5.8% reported last month. Starts also slipped 0.3% in February. [...]

The National Association of Home Builders/Wells Fargo reported that housing market activity this month reached a new height. The Composite Housing Market Index for May rose five points to 29, its highest level in four years. The index [...]