Economy in Brief

• Industrial production plummeted 11.2% in April led by a 13.7% fall in manufacturing output. • These are the largest single monthly declines on record; data goes back to 1921. • Lowest level of manufacturing activity since August [...]

• Consumers pull back as coronavirus takes hold. • Spending cutbacks are broad-based. Social distancing, store closings and travel restrictions took their toll on consumer spending last month. Total retail sales, including food [...]

The Empire State Manufacturing Index of General Business Conditions rebounded to -48.5 in May from the record collapse to -78.2 in April. As bad as the May figure was, it was considerably above the Action Economics Forecast panel's [...]

• Initial jobless insurance claims eased to 2.981 million last week. • Over the last eight weeks 36.5 million individuals, 23.3% of the labor force, have filed new claims. • Continuing claims continue to increase. Initial jobless [...]

• Nonoil import prices weaken and oil prices collapse. • Export price decline reflects lower farm product prices. Import prices weakened 2.6% (-6.8% y/y) during April after a little-revised 2.4% March decline. A 3.4% decline had been [...]

Inflation is under a double dose of downward diversions. The COVID-19 has knocked growth down. Slowing GDP usually is associated with some inflation weakening as demand pressures abate. However, activity has been reduced- demand and [...]

• Initial jobless insurance claims eased to 2.981 million last week. • Over the last eight weeks 36.5 million individuals, 23.3% of the labor force, filed new claims. • Continuing claims continue to increase. Initial jobless claims [...]

• Gain in core finished goods PPI picks up. • Energy prices decline. • Service price inflation eases. The Producer Price Index for final demand increased 0.6% (6.2% y/y) during April following a 1.0% March gain. The index has risen at [...]