Economy in Brief: 2020

• Business inventories down 2.3% in May; fifth consecutive monthly decline. • Sales jump 8.4%, but still 12.5% below January peak. • Inventory-to-Sales ratio decreases to a still elevated 1.51. Total business inventories dropped 2.3% [...]

• Housing market activity is improving broadly. • Number of prospective buyers revisits earlier highs. The Composite Housing Market Index from the National Association of Home Builders-Wells Fargo moved up to 72 during July and added [...]

• Business conditions index has notable positive reading for second month. • Component gains somewhat mixed but generally favorable. • However, expectations have lower positive reading. The Federal Reserve Bank of Philadelphia [...]

• Consumer spending continues to strengthen. • Discretionary spending growth remains firm. Total retail sales, including food service establishments, increased 7.5% during June following a record 18.2% May increase, revised from [...]

• State initial jobless claims edged down to a still extremely-elevated 1.300 million in the week ending July 11. • Federal Pandemic Unemployment Assistance new filers decline to 928,488. • Continuing claims for state programs decline [...]

• Higher oil prices add to earlier gains. • Nonoil prices improve again. • Export prices strengthen. Import prices improved 1.4% last month following a 0.8% gain during May, revised from 1.0%. A 1.0% rise had been expected in the [...]

After a sharp fall in April and a plunge in March, Canadian factory orders sprang back to life in May. The 9.4% gain is sharp by historic standards, but it comes in the wake of the declines orders have seen in previous months and the [...]

• Manufacturing output gains are broad-based in June. • Auto output is exceptionally strong followed by high-tech production. • Capacity utilization markedly increases. Industrial production increased 5.4% in June (-10.8% y/y) after [...]