Economy in Brief

The ISM manufacturing index moved up sharply to 58.8 in August from 56.3 in July. The regional Fed manufacturing surveys have been very strong and are fully consistent with this result. This month was unusual as the U.S. employment [...]

Japan's manufacturing diffusion PMI gains to 52.2 in August from 52.1 in July. The manufacturing sector is showing growth, but it has no momentum. As it turns out, that is a theme for early PMI reports in Asia. The August reading is a [...]

The job market weakened substantially last month. Nonfarm payrolls increased 156,000 (1.5% y/y) during August following a 189,000 July increase and a 210,000 June gain. Together these two figures were revised down by 41,000. A 183,000 [...]

Unemployment in the EMU area was unchanged at 9.1% in July. However, the number unemployed rose by 0.5%, a sharp difference from June's 0.9% decline. Still, unemployment rates are unaffected for the region as a whole. But 10 of the [...]

The National Association of Realtors (NAR) reported that pending home sales eased 0.8% (-1.3% y/y) during July to an index level of 109.1 (2001=100). It was the fifth monthly decline this year, and left sales 4.0% below the peak [...]

Initial applications for unemployment insurance rose to 236,000 (-9.2% y/y) during the week ended August 26 from 235,000 the prior week; that was revised marginally from 234,000 initially reported. Expectations in the Action Economics [...]

The Chicago Purchasing Managers Business Barometer for August held at 58.9 following its unrevised sharp July fall. A decline in the index to 58.0 had been expected in the Action Economics Forecast Survey. The latest level remained [...]

Personal income increased 0.4% during July following unrevised stability in June. A 0.3% increase had been expected in the Action Economics Forecast Survey. Despite the upside surprise, y/y growth of 2.7% was below the 5.3% increase [...]