Economy in Brief: 2008

Industrial production fell 0.7% during November after a revised 1.5% rise (initially reported at 1.3%) during October. That earlier increase was lifted by recoveries from Hurricanes Gustav & Ike and an end to the strike at Boeing. [...]

The contribution to growth from IP is weakening sharply. The decline in IP, one that is an inflation-adjusted reading, is at a -13.5% rate in Q4. Consumer goods output is the strong sector, oddly enough, falling at a -3.8% pace early [...]

October business inventories dropped 0.6% from September. That month, in turn, was revised from a 0.2% decline to 0.4%. Total business sales -- manufacturers, wholesalers and retailers -- dropped a whopping 3.5% in October, following [...]

The mid-December reading of consumer sentiment from the University of Michigan recovered slightly from the the dismal November level. At 59.1 the figure was up 6.9% from November and it was the highest level since September. It still [...]

Last month U.S. finished producer prices fell 2.2%, about as they did during October when they were down 2.8%. Finished energy prices (-16.1% y/y) were down about as they were in October, by 11.2%. Gasoline prices led the decline with [...]

This morning the Commerce Department reported that retail sales fell for the fifth consecutive month. The 1.8% November decline followed declines during October and September that were slightly greater than reported initially. Lower [...]

The mid-December reading of consumer sentiment from the University of Michigan recovered slightly from the the dismal November level. At 59.1 the figure was up 6.9% from November and it was the highest level since September. It still [...]

After the sharp decline during the second quarter, the U.S. household and business sectors pulled back their borrowing further during 3Q. It was only the Federal government that kept the credit houses in business. Nongovernment [...]