Economy in Brief

• Pricing power recovers a bit. • Food prices continue to strengthen. • Energy prices rebound. The Consumer Price Index rebounded 0.6% (0.6% y/y) during June following a 0.1% May easing. The rise compared to expectations for a 0.5% [...]

• NFIB Small Business Optimism Index increased 6.2 points to 100.6 in June. • Eight out of ten components rose in June, led by a revival in sales expectations. • Respondents continue to be optimistic about future business conditions [...]

• Gasoline prices rise moderately. • Crude oil prices approach March high. • Natural gas prices improve. The price for regular gasoline improved to $2.20 per gallon (-21.0% y/y) in the week ended July 13 from $2.18 in the previous [...]

• Monthly budget deficit pulls fiscal YTD deficit to $2.744 trillion. • Receipts weaken sharply while outlays surge. The U.S. Treasury Department reported that the federal government ran an $864.1 billion budget deficit last month, [...]

• Price index less food & energy eases as the coronavirus curbs demand. • Core goods prices inch higher. • Service price decline led by trade services. Pricing power remains weak in the industrial sector. The Producer Price Index for [...]

French IP rose by 22.0% in May while Italian IP gained 47.3% on the month. Both of those results, in isolation, are stunning numbers. But after the dust and smoke and mirrors of the rebound are carried away, IP in France is still [...]

• Housing affordability decreased in May from a four-year high in April. • Falling incomes offset record low mortgage interest rates. The National Association of Realtors reported that its Fixed Rate Mortgage Housing Affordability [...]

German exports gained sharply in May but not quite as sharply as expected, rising by 9.0% month-to-month. Despite that surge, exports are still declining at accelerating rates from 12-months to six-months to three-months. Imports also [...]