Economy in Brief: 2013

Initial claims for jobless insurance inched up to 336,000 during the week ended March 16 from 334,000 during the prior week (revised from 332,000). Consensus expectations were for 340,000 claims. The four week moving average of claims [...]

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 Mortgage Bankers Association index of total mortgage applications declined 7.1% (12.2% y/y) last week following a 4.7% decline during the prior period. Home purchase applications posted a 3.9% decline (+6.4% y/y). Applications to [...]

The International Council of Shopping Centers and Goldman Sachs reported that chain store sales gained 1.4% last week (2.3% y/y) to the highest level since early-January. These gains pulled sales so March sales 1.9% above the February [...]

The pump price for a gallon of regular gasoline fell by just 1 penny last week to $3.70 per gallon (-4.4% y/y), the third consecutive week of marginal decline. Despite the decline, prices remain up by 44 cents (13.6%) since the mid- [...]

Germany's Zew index which surveys the assessments of select financial experts in Germany continued to rise in March. This Zew expectations index rose to 48.5 in March from 48.2 in February. While continuing a series of gains, the [...]

Last month saw a firming in home building activity. Total housing starts ticked up 0.8% (27.7% y/y) to 917,000 (AR) following a decline to 910,000 during January, initially reported as 890,000. The latest figure roughly matched the [...]

The Composite Housing Market Index from the National Association of Home Builders-Wells Fargo fell to 44 this month following a downwardly revised February reading of 46. Expectations were for 47 in March. Nevertheless, the index [...]