Economy in Brief: June 2020

• Initial jobless claims edged down to a still extremely-elevated 1.508 million in the week ending June 13. • Federal Pandemic Unemployment Assistance new filers rise to 760,526. • Continuing claims for state programs ticked down to [...]

Japan was once an international trade juggernaut. It was unstoppable. Its exports flooded worldwide markets and Japan's trade surpluses were large and enduring. But that was then. Japan is still a very important global trader and [...]

• Loan applications for purchase surge. • Refinancing strength continues. • 15-year fixed rate mortgage declines to seven-year low of 2.87%. The Mortgage Bankers Association reported that its total Mortgage Applications Index rose [...]

• Home building still held back by coronavirus shutdowns last month. • Building permit increase suggests improvement is coming. New residential housing starts increased 4.3% during May (-23.2% y/y) to 974,000 (SAAR) from 934,000 in [...]

• Industrial production rose 1.4% in May after a downwardly-revised record 12.5% drop in April. • Manufacturing increased 3.8%; still at 1997 levels. • Motor vehicle output more than doubles but at just 36.4% of February level. [...]

The ZEW macroeconomic index 'improved' slightly in the EMU, rising to -89.6 in June from -95.0 in May. The gain on the month is small and the reading itself is still at an exceptionally weak mark. Germany improved to an -83.1 reading; [...]

• Housing market continues to recover. • Rebound leaves activity below December's peak. The Composite Housing Market Index from the National Association of Home Builders-Wells Fargo moved up to 58 during June and added to its May rise [...]

• Industrial production rose 1.4% in May after a downwardly-revised record 12.5% drop in April. • Manufacturing increased 3.8%; still at 1997 levels. • Motor vehicle output more than doubles but at just 36.4% of February level. [...]