Economy in Brief: 2004

Durable goods orders were roughly unchanged last month. The previously reported 3.1% plunge in November orders was lessened to a 2.3% drop. Consensus expectations had been for a 2.0% rise in December orders. Weaker orders in the [...]

Confidence measures in Europe continue to be mixed. Contrary to the weakening of confidence in Germany heralded by the January ZEW index, the broader IFO measure showed a 0.52% rise in business confidence in January in West Germany [...]

Chain store sales surged 1.1% last week according to the ICSC-UBS survey. The pop recouped all of the sales decline during the prior two weeks and was driven by clearance promotions and surging consumer sentiment. Sales in January [...]

Gross domestic product in the United Kingdom rose at an annual rate of 3.8% in the fourth quarter, the strongest rate of increase since early 2000. For the year as a whole, the rate of increase was 2.17%. The acceleration in growth [...]

Sales of existing single family homes reported by the National Association of Realtors rose 6.9% m/m in December. The rise to 6.47M. erased much of the prior two months' decline from the record high in September. Consensus [...]

Prices of industrial metals surged as industrial activity strengthened recently. During the past year, the JoC-ECRI index of metals prices jumped by one-third reflecting a 90% rise in steel scrap prices, a 46% rise in copper prices, a [...]

Initial claims for jobless insurance edged 1,000 lower last week to 341,000. The prior week's level was revised down slightly. Consensus expectations had been for claims of 340,000. The latest claims figure covers the survey period [...]

Housing starts added another 1.7% in December, rising to the highest level since February 1984. Consensus forecasts had been for a moderate decline versus November which was revised down. For the year, 2003 was the strongest for [...]