Economy in Brief: January 2020

The Bureau of Labor Statistics reported that the total job openings rate declined to 4.3% during November from an unrevised 4.6% in October. It remained below the 4.8% record high in January. The job openings rate is the job openings [...]

• Industrial production declined 0.3% in December on a weather-driven drop in utility output. • Manufacturing output rises 0.2% as a 4.6% contraction in vehicles is offset by gains in other durables as well as nondurables. • Capacity [...]

The National Association of Realtors reported that its Fixed Rate Mortgage Housing Affordability Index edged up 0.3% m/m (13.9% y/y) to 163.8 in November from 163.3 in October. This was the fifth monthly increase in the past six [...]

Fueled by low interest rates and a strong job market, new home building strengthened during December. Housing starts jumped 16.9% (40.8% y/y) to 1.608 million (AR) from November's 1.375 million, revised from 1.365 million. It was the [...]

• Import prices rose 0.3% in December, driven by a 2.8% jump in fuel prices. Excluding fuels, import prices were unchanged. • Export prices declined 0.2%. Rounding at lower levels of the aggregation of the price index accounted for [...]

Germany's inflation, in fact, is not back to normal or even in the normal range…yet. Even if it were, the ECB mandate is to run policy off of the EMU-wide inflation situation, not the German situation. Germany does have the lowest [...]

The Composite Housing Market Index from the National Association of Home Builders-Wells Fargo slipped during January. The index level of 75 compared to 76 in December but remained up 29.3% y/y. It was nearly the highest level for the [...]

A month ago, the headline here was the exact opposite: "Inventories Rise While Sales Slip." So that October condition reversed in November: total business inventories decreased 0.2% (2.8% y/y) after October's 0.1% rise, as November [...]