Economy in Brief

The Mortgage Bankers Association reported that its total Mortgage Applications Volume Index fell 2.7% (-5.6% y/y) last week, following a 0.4% slip during the prior week. Purchase loan applications declined 2.1% (+3.6% y/y), after [...]

The Conference Board's Composite Index of Leading Economic Indicators increased 0.4% last month, the same as during March which was revised from 0.3%. The y/y change strengthened to 6.4% from 4.1% during all of last year. The latest [...]

European car registrations fell sharply in April with a 7.1% drop, marking their second drop in the last three months for what is intrinsically a volatile series. Sequential growth rates, comparing 12-month to six-month to three-month [...]

The Philadelphia Federal Reserve reported that its General Factory Sector Business Conditions Index jumped to 34.4 during May, the highest level in a year. Expectations had been for a reading of 21.0 in the Action Economics Forecast [...]

Initial claims for unemployment insurance edged slightly higher last week to 222,000 (-6.7% y/y) in the week ended May 12 versus an unrevised 211,000 in the prior week. Claims were expected to rise to 215,000 in the Action Economics [...]

EMU core and headline inflation rates continue to grow at rates that are at a significant discount to their objective (which is just a bit below 2%). Headline inflation grew by 0.3% in April, but the core only rose by 0.1%. Still, [...]

The Federal Reserve reported that industrial production increased 0.7% (3.5% y/y) during April following a 0.7% March rise, revised from 0.5%. A 0.5% rise had been expected in the Action Economics Forecast Survey. Factory sector [...]

Total housing starts in April fell 3.7% (+10.5% y/y) to 1.287 million (SAAR) from 1.336 million during March, revised from 1.319 million. A level of 1.318 million starts had been expected in the Action Economics Forecast Survey. [...]