Economy in Brief: September 2013

Activity in the nonmanufacturing sector really heated up last month. The Composite Index for the service and construction sectors from the Institute for Supply Management (ISM) surged to 58.6 during August from 56.0 in July. The [...]

Improvement in the labor market is coming from all quarters. Initial unemployment insurance claims fell to 323,000 (-12.2% y/y) during the week of August 31 from 332,000 in the week prior, initially reported as 331,000. The latest [...]

Employment growth remains steady. The ADP/Moody's National Employment Report showed a 176,000 rise (1.9% y/y) in non-farm private sector jobs last month. That followed revised increases of 198,000 and 191,000 during July and June. The [...]

Motor dealer showrooms were quite busy places last month. Unit sales of light motor vehicles gained 1.8% during August versus July to 16.09 million (SAAR) according to the Autodata Corporation. The latest sales level was the highest [...]

The services sector in the European monetary union crossed over to register growth at 50.69 in August. It was the first reading above 50 in 18 months signaling the first increase in the services sector in the European monetary [...]

The price for a gallon of regular gasoline rose six cents last week to $3.61 last week (-6.1% y/y). Prices remained down, however, from the $3.78 per gallon peak reached late in February. Haver Analytics constructs seasonal factors to [...]

The Mortgage Bankers Association reported that recent upward pressure on mortgage interest rates eased last week. The effective interest rate on a 15-year mortgage slipped to 3.82% but remained near the highest level since July 2011. [...]

The U.S. foreign trade deficit deepened to $39.1 billion in July compared to a revised $34.5 billion in June, initially reported as $34.3 billion. A $38.6 billion deficit had been expected in the Action Economics survey. The 1.6% rise [...]