Economy in Brief: August 2011

Total mortgage applications jumped 21.7% in the week through August 5, to 688.0 (March 16, 1990 = 100). The gain was in applications to refinance, which surged 30.4% to 3,625.7; those for home purchase remained sluggish with a [...]

As expected, the Federal Open Market Committee today left the Federal funds rate in a "range from 0 to 1/4 percent." The Fed funds rate has remained unchanged since late-2008 at its lowest level ever. The discount rate also was left [...]

The Haver Database INTDAILY contains much of the data needed to portray many of the aspects of the current financial crisis. Interest rate spreads can be calculated from the interest rate data. We have calculated the spreads between [...]

Chain store sales slipped 0.5% last week following a 0.3% dip during the week prior. Nevertheless, sales remained up 3.6% y/y. During the last ten years there has been a 66% correlation between the y/y change in chain store sales and [...]

Weakened demand helped the pump price for regular gasoline fall four cents last week to $3.67 per gallon. Prices remained down twenty-nine cents since the May peak. Pump prices usually rise this time of year with increased seasonal [...]

The National Federation of Independent Business indicated that its index of small business optimism fell to 89.9 last month from an unrevised 90.8 in June. The latest was the lowest level since last September. Deterioration was [...]

The economic slowdown took a further toll on worker productivity last quarter. Labor productivity in the nonfarm business sector slipped 0.3% (AR) after a similar 0.6% decline during Q1. The declines compare to 8% quarterly growth at [...]

Japan's Economy Watchers were a bit less optimistic about future conditions in July than they were in June. The diffusion index that expresses their judgment on future conditions dropped 0.5 points from 49.0 in June to 48.5 in July. [...]