Economy in Brief

New orders for durable goods fell 1.7% (7.8 y/y) during April following a 2.7% March increase, revised from 2.6%. Expectations had been for a 1.2% decline in the Action Economics Forecast Survey. A 6.1% decline (+7.7% y/y) in orders [...]

The IFO business climate gauge fell by 0.5% in May, marking two straight months of decline. However, the current conditions index continued to plow ahead as it has for many months signaling ongoing growth and expansion in the German [...]

The INSEE manufacturing survey shows a steady reading for industry climate in May. The index fell in March and again in April. And now, in May, it has stabilized at this lower level. Still, the trend shows a loss of momentum. The [...]

The National Association of Realtors reported that sales of existing homes declined 2.5% during April (-1.4% y/y) to 5.460 million units (AR) following an unrevised 1.1% March gain to 5.600 million units. It was the lowest level of [...]

The Federal Housing Finance Agency's (FHFA) index of U.S. house prices ticked 0.1% higher (6.7% y/y) during March after two months of 0.8% increase. February's gain was revised from 0.6% and January from 0.9%. The 6.7% y/y rate of [...]

Initial unemployment insurance claims increased to 234,000 (-1.3% y/y) during the week ended May 19 following an increase to 223,000 during the prior week, revised from 222,000. Expectations were for 220,000 claims in the Action [...]

Sales of new single-family homes during April slipped 1.5% (+11.6% y/y) to 662,000 (SAAR) from 672,000 during March, revised from 694,000. Expectations had been for 680,000 sales in the Action Economics Forecast Survey. The median [...]

The chart of the PMI values is very telling and disturbing. With this month’s drop, the tail off in the PMIs is quite clear and the run up now looks like it was a flash-in-the-pan. Manufacturing’s PMI certainly ran up to a peak and [...]