Economy in Brief: May 2021

Baltic dry index points to more international freight demand Export trends show only four of eleven of these countries with exports higher over 12 months as of February. However, over six months, 10 of eleven countries show net export [...]

• Framing lumber prices lead recent gains. • Metals prices move broadly higher. The Industrial Materials Price Index, from the Foundation for International Business and Economic Research (FIBER), jumped 7.1% during the four weeks [...]

• Growth is driven by nonrevolving credit usage. • Revolving credit balances continue to rise as well. Consumers are confident enough to take on more debt. Consumer credit outstanding strengthened $25.8 billion during March after [...]

• Weakness in hiring is broad-based. • Average hourly earnings rebound, reversing March decline. • Unemployment rate edges up from twelve-month low. Strength in the labor market waned following the initial lift from business re- [...]

German industrial production was up in March after two months that showcased severe declines; that had followed four months that had brought quite strong gains. These are statistics from the original post-virus recovery period, the [...]

• Increase in inventories widespread. • Largest monthly increase in sales since last July with upward revisions to February. • With sales outpacing inventories, I/S ratios declined. Wholesale inventories increased 1.3% m/m (4.5% y/y) [...]

• Weakness in hiring is broad-based. • Average hourly earnings rebound, reversing March decline. • Unemployment rate edges up from twelve-month low. Strength in the labor market waned following the initial lift from business re- [...]

• Fewer refinancings lead decline as purchase applications rise. • Mortgage interest rates edge higher. The Mortgage Bankers Association's Loan Applications Index fell 4.2% (-7.1% y/y) in the week ended May 21, following a 1.2% rise [...]