Economy in Brief: February 2020

The Empire State Manufacturing Index of General Business Conditions increased to a nine-month high of 12.9 during February, extending modest gains during the prior two months. A reading of 5.0 had been expected in the Action Economics [...]

• Import prices were unchanged in January as a 2.2% m/m drop in fuel prices offset a modest rise in nonfuel prices. • In contrast, export prices unexpectedly surged 0.7% m/m, the largest monthly increase since last March, led by a [...]

• Industrial production declined 0.3% in January with both manufacturing and utility output contracting. • Factory production edged down 0.1% as the 737 MAX shutdown led to a 10.7% plummet in aircraft. • Utility output fell 4.0% with [...]

GDP growth in Europe is slowing. In Q4 2019, GDP in the EMU slowed to an annualized gain of 0.2%, down from 1.1% in Q3. GDP slowed quarter-to-quarter in the EMU as well as in six of the eight EMU countries listed in the table. GDP [...]

The National Association of Realtors reported that its Fixed Rate Mortgage Housing Affordability Index fell 1.2% m/m (+10.4% y/y) to 161.8 in December from 163.7 in November. It was the lowest level of affordability since August and [...]

Total business inventories rose an expected 0.1% (2.2% y/y) during December following an unrevised 0.2% November decline. The expected figure is from the Informa Global Markets survey. At the same time, business sales fell 0.1% (+1.7% [...]

• Industrial production declined 0.3% in January with both manufacturing and utility output contracting. • Factory production edged down 0.1% as the 737 MAX shutdown led to a 10.7% plummet in aircraft. • Utility output fell 4.0% with [...]

Total retail sales including food service establishments increased 0.3% (4.4% y/y) during January following a 0.2% December gain, revised from 0.3%. The increase matched expectations in the Action Economics Forecast Survey. Retail [...]