Economy in Brief

The Empire State Manufacturing Index of General Business Conditions declined to 19.0 during September from 25.6 in August. It was the lowest reading since April, but suggested continued economic growth. The Action Economics Forecast [...]

Faster growth in spending and a lessened increase in revenues is a sure formula for widening the budget deficit. The U.S. Treasury Department reported that during August, the federal government ran a $$214.1 billion budget deficit, [...]

Total business inventories increased 0.6% (4.3% y/y) during July following a 0.1% June rise. It was the strongest increase since February. Total business sales increased 0.2% (8.1% y/y), following a 0.3% gain. The inventory-to-sales [...]

Import prices declined 0.6% (+3.7% y/y) during August following a 0.1% easing in July, revised from unchanged. A 0.2% decline had been expected in the Action Economics Forecast Survey. These figures are not seasonally adjusted. [...]

Industrial production increased a solid 0.4% m/m (4.8% y/y) in August and the modest 0.1% m/m rise initially reported for July was revised up to a 0.4% m/m gain. The consensus from the Action Economics Survey had looked for a 0.3% m/m [...]

As the chart amply demonstrates the EMU trade surplus has been under pressure for some time. Since late 2016 imports have been outpacing exports on a consistent basis although the differences in the export and import growth rates have [...]

Total retail sales improved 0.1% (6.6% y/y) during August following a 0.7% July gain, revised from 0.5%. A 0.4% increase had been expected in the Action Economics Forecast Survey. Excluding motor vehicles and parts, retail sales [...]

Initial unemployment insurance applications decreased to 204,000 (-23.6% y/y) during the week ended September 8 from 205,000 in the prior week, revised from 203,000. It remained the lowest level since December 1969. The Action [...]