Economy in Brief

Faster growth in spending and a lessened increase in revenues is a sure formula for widening the budget deficit. The U.S. Treasury Department reported that during August, the federal government ran a $$214.1 billion budget deficit, [...]

Total business inventories increased 0.6% (4.3% y/y) during July following a 0.1% June rise. It was the strongest increase since February. Total business sales increased 0.2% (8.1% y/y), following a 0.3% gain. The inventory-to-sales [...]

Import prices declined 0.6% (+3.7% y/y) during August following a 0.1% easing in July, revised from unchanged. A 0.2% decline had been expected in the Action Economics Forecast Survey. These figures are not seasonally adjusted. [...]

Industrial production increased a solid 0.4% m/m (4.8% y/y) in August and the modest 0.1% m/m rise initially reported for July was revised up to a 0.4% m/m gain. The consensus from the Action Economics Survey had looked for a 0.3% m/m [...]

As the chart amply demonstrates the EMU trade surplus has been under pressure for some time. Since late 2016 imports have been outpacing exports on a consistent basis although the differences in the export and import growth rates have [...]

Total retail sales improved 0.1% (6.6% y/y) during August following a 0.7% July gain, revised from 0.5%. A 0.4% increase had been expected in the Action Economics Forecast Survey. Excluding motor vehicles and parts, retail sales [...]

Initial unemployment insurance applications decreased to 204,000 (-23.6% y/y) during the week ended September 8 from 205,000 in the prior week, revised from 203,000. It remained the lowest level since December 1969. The Action [...]

The German HICP is flat in August; its domestic CPI is up by 0.1% and the CPI excluding energy is flat. German inflation measured from 12-months to 6-months to 3-months shows a loss of momentum with year over year inflation at 1.9% to [...]