Economy in Brief: March 2013

The consumer is showing an aggressive interest in borrowing, according to the Federal Reserve. Consumer credit outstanding grew at a $16.1B annual rate during January following a little-revised $15.1B December gain. Consensus [...]

Credit market borrowing picked up in Q4, according to the Federal Reserve's quarterly Flow-of-Funds accounts, reaching a $2,246 billion seasonally adjusted annual rate, close to three times the Q3 pace of $796 billion. All three major [...]

Nonfarm business sector productivity for Q4'12 declined 1.9% (SAAR, +0.6% y/y). That was hardly revised from the preliminary report of a 2.0% drop so it helped drive up costs. For the year productivity grew 0.7%, the same as in 2011. [...]

German orders fell in January damping a good bit of optimism that had been growing about how Germany is turning it all around. Its PMI readings form Markit have improved and are showing expansion this month-real strength in domestic [...]

The outplacement firm of Challenger, Gray & Christmas reported that 40,430 job cuts were announced during January. The latest level was up slightly from December but still near the economic recovery low. During the last ten years [...]

The U.S. foreign trade deficit during January deepened to $44.4 from $38.1B in December, revised from $38.5B. A $43.0B deficit had been expected. The deterioration was due to a 1.8% increase (-0.9% y/y) in imports set against a 1.2% [...]

Initial claims for unemployment insurance fell to 340,000 (-9.1% y/y) during the week ended March 2 versus 347,000 a week earlier (revised from 344,000). Consensus expectations were for 355,000 claims. The four week moving average of [...]

Orders to all manufacturers fell 2.0% (+0.3% y/y) following a 1.3% December rise, revised from 1.8%. The decline roughly matched expectations. A 4.9% shortfall (-0.8% y/y) in January durable goods orders, little-revised from the [...]