Economy in Brief: January 2021

• Consumer spending weakens for third straight month. • Spending declines are widespread across categories. Total retail sales including food service & drinking establishments declined 0.7% (+2.9% y/y) during December following a 1.4% [...]

• Food prices edged down while energy prices surged. • Core goods prices posted largest monthly rise since January 2014. • Service prices fell due to outsized drop in prices of trade services. The Producer Price Index for final demand [...]

• Empire State Business Conditions Index decreases to 3.5 in January; fourth consecutive monthly decay. • ISM comparable series edges up to 53.0 from 52.9. • Expectations index falls to 31.9 from 36.3. The Empire State Manufacturing [...]

• Import prices rose 0.9% in December as fuel prices jumped 7.8%. • Export prices gained 1.1% with fuels up 8.9%. • Excluding fuels both import and export prices increased 0.4%. Import prices grew a greater-than-expected 0.9% during [...]

Japan's industrial orders were mixed in November with headline orders falling by 1.5% and core orders rising by 1.5%. Year-on-year the comparison is exactly opposite with total orders rising by 1% and core orders lower by an outsized [...]

• State initial claims jump may reflect holiday distortions. • Continuing claims also jump. • Insured jobless rate hits four-week high. Initial claims for unemployment insurance increased in the week ended January 9 to 965,000 from [...]

• Import prices rose 0.9% in December as fuel prices jumped 7.8%. • Export prices gained 1.1% with fuels up 8.9%. • Excluding fuels both import and export prices increased 0.4%. Import prices grew a greater-than-expected 0.9% during [...]

• Deficit share of GDP continues to rise. • Outlay surge still driven by increased jobless benefits. • Personal tax receipts remain under pressure. The U.S. Treasury Department reported that the federal budget deficit of $143.6 [...]