Economy in Brief

Unemployment rates rose broadly in May. The EMU unemployment rate ticked higher to 7.4% in May from 7.3% in April. Since 1991, the EMU rate of unemployment rates among the lower 6% of all rates of unemployment for the region. The [...]

• Rise in jobs is broad-based amongst industries. • Earnings weaken for second straight month. • Unemployment rate, though still double-digit, declines to three-month low. The job market improved again in June. Nonfarm payroll [...]

• Car & light truck sales continue to increase m/m, but remain off 23.7% y/y. • Auto sales rise more m/m than trucks. The Autodata Corporation reported that sales of light vehicles rose 8.1% last month (-23.7% y/y) to 13.15 million [...]

• Construction spending dropped 2.1% in May with downward revisions to previous months. • The 5.9% decline in construction since February looks closer to previous recessions than many other economic statistics. The value of [...]

• Mortgage applications decreased 1.8% in week ending June 26. • 15-year fixed rate mortgage edges up to 2.90%, near record low of 2.87%. The Mortgage Bankers Association reported that its total Mortgage Applications Index declined [...]

Manufacturing sector PMIs battle back strongly in June with all countries reporting a value showing a gain in June over May. The average PMI value rose to 47.5 in June from 39.7 in May and that compared to 35.3 in April for most [...]

• Composite Index moves above break-even for first time since February. • Component series improvement is widespread. • Price index rises sharply. The Institute for Supply Management (ISM) reported that its Composite Index of [...]

• Construction spending dropped 2.1% in May with downward revisions to previous months. • The 5.9% decline in construction since February looks closer to previous recessions than many other economic statistics. The value of [...]