Economy in Brief: March 2012

The U.S. current account deficit rose last quarter to $124.1B from $107.6B in Q3 as a modest gain in imports outpaced a slight export decline. Consensus expectations were for $114.2B in Q4. The ratio to GDP last quarter was 3.2%, [...]

The EMU area showed just the slightest of increases in IP in January as the index gained 0.1%. Still it was enough of a gain to blunt the ongoing drop in IP and turn the three-month growth rate at -3.8% higher than the 6-month growth [...]

The index of total mortgage applications fell 2.4% last week to 736.5 (+44.2% y/y), down for the fifth consecutive week. Applications to refinance fell 4.1% (+65.0% y/y), down for the fourth straight week. Conversely, applications to [...]

Yesterday, the U.S. Commerce Department reported that business inventories rose 0.7% during January following an upwardly revised 0.6% December gain. Business sales increased a more moderate 0.4% after a 0.9% December rise. As a [...]

U.S. import prices rose 0.4% (5.5% y/y) last month after a revised no change during January, initially pegged as 0.3%. A 0.6% February rise had been expected. Year-to-year, higher oil prices and the lower value of the dollar raised [...]

As expected, the Federal Open Market Committee today left the Federal funds rate in a "range from 0 to 1/4 percent." The Fed funds rate has remained unchanged since late-2008 at its lowest level ever. The discount rate also was left [...]

Regular gasoline prices rose another four cents last week to $3.83 per gallon. Reduced seasonal demand typically fosters lower gasoline prices this time of year, and they haven't followed the norm. Haver Analytics' seasonally-adjusted [...]

The 285 German investors and analysts who participated in the March ZEW survey saw a slight deterioration of 2.7percentage points in their appraisal of current conditions from, an excess of optimists of 40.3% to one of 37.6%; but they [...]