Economy in Brief

Activity in the factory sector picked up in May following a moderation in April. The ISM headline manufacturing index jumped 1.4 points to 58.7 in May from 57.3 in April. This index has moderated since earlier this year, but remains [...]

The value of construction put-in-place recovered in April, rising a larger-than-expected 1.8% m/m (8.3% y/y) after having fallen 1.7% m/m in March (unrevised). The 1.0% m/m increase initially reported for February was revised up to a [...]

The job market exhibited buoyancy during May. Nonfarm payrolls increased 223,000 following a 159,000 April rise and a 155,000 March increase. Together, payrolls during these two months were revised up 15,000. A 185,000 rise in [...]

Manufacturing PMIs from the early-reporting Asian nations show that manufacturing has firmed slightly in May, but without generating any real signs of life. PMIs eased in two of seven reporters and gained pace in five of seven. April [...]

The National Association of Realtors (NAR) reported that pending sales of existing homes fell 1.3% (-2.1% y/y) in April to an index level of 106.4 (2001=100). It was the third month of decline and left the index at the lowest level [...]

The most noticeable thing about this month’s jump in the HICP is that it is abrupt everywhere. Inflation this month owes a good deal of its jump to hopping-hot oil prices. While the ECB headline rate at 1.9% must be construed as at [...]

The Chicago Purchasing Managers Business Barometer rebounded sharply in May, with the index reaching 62.7 following readings near 57.5 in March and April. The Action Economics Forecast Survey had anticipated only a modest rise to [...]

Personal consumption expenditures increased 0.6% during April (4.7% y/y) following a 0.5% March rise, revised from 0.4%. It was the strongest monthly increase since November. A 0.4% rise had been expected in the Action Economics [...]