Economy in Brief: March 2021

Passenger car registrations in Europe rose by 6.3% m/m in February but only after falling by 28.2% in January. Registration rose in the month in four of the five countries in the table, with France being the exception. This month’s [...]

• Harsh winter weather limits building activity. • Single-family & multi-family starts fall sharply. • Building permits weaken. Housing starts declined 10.3% (-9.3% y/y) during February to 1.421 million (SAAR) from 1.584 million in [...]

• Refinancing applications decline as mortgage interest rates remain elevated. • Purchase applications strengthen further. The Mortgage Bankers Association Mortgage Loan Applications Index declined 2.2% (-27.8% y/y) in the week ended [...]

• PREVIOUS>>>>>>>>>>>>> Import prices increased a larger-than-expected 1.4% m/m (0.9% y/y) in January Export prices jumped up 2.5% m/m (2.3% y/y) in January The import and export price series can be found in Haver's USECON database. [...]

• Manufacturing output fell 3.1%. Mining down 5.4%. • Widespread declines in durable and nondurable goods manufacturing industries. • Utilities advanced 7.4%. Industrial production fell 2.2% in February (-4.2% y/y). It had advanced [...]

• Housing market activity remains below November high. • Weakness is broad-based regionally. The Composite Housing Market Index from the National Association of Home Builders-Wells Fargo declined 2.4% (13.9% y/y) to 82 during March. [...]

The table suggests that the operative word for the ZEW survey this month is 'stronger.' Readings improved in 34 of 35 non-foreign exchange related categories that assess macroeconomic conditions, markets and inflation. In fact, the [...]

• Total business sales jump in January. • Total business inventory-to-sales ratio resumes its downward correction. Total business inventories rose 0.3% during January (-1.8% y/y) following an upwardly revised 0.8% in December (from [...]