New filings for jobless claims last week fell slightly, to 184,000, holding steady below the average pre-pandemic level for the 12th straight week. The number of new claims points to a labor market that remains tight, with layoffs at multi-decade lows. The data released by the Labor Department on ... READ MORE >
Chart of the day: U.S. home prices hit record in March
Sales of existing homes fell by 2.7% to 5.77 million in March, the lowest since July 2020, as rising mortgage rates dampened demand. The median home price, however, hit a record high at $375,300, pointing to persistent housing shortages, according to data the National Association of Realtors released on ... READ MORE >
Housing starts moderated in March amid rising rates
Housing starts and permits inched up in March due to a boost from multifamily homes, beating market forecasts for significant declines in both series. New residential starts rose 0.3% on the month to a 1.79 million annualized rate, the highest since 2006. Building permits, an indicator of future ... READ MORE >
Chart of the day: Industrial production hits record in March
Domestic industrial production increased by 0.9% in March, beating market forecasts despite global supply chain disruptions of key materials. Elevated levels of order backlogs and rising prices of industrial products were behind the increase, combining to give producers the extra boost to increase ... READ MORE >
Initial jobless claims remain low as consumer sentiment rises unexpectedly
Initial jobless claims last week rose to 185,000 yet remained significantly below the pre-pandemic level as the tight labor market discouraged layoffs, the Labor Department reported on Thursday. Our preferred measure for new filings for unemployment benefits—the 13-week moving average—continued to ... READ MORE >
Retail sales slow in March as inflation takes a toll
March’s retail sales posted weaker growth than forecast as red-hot inflation continued to drag sales volume lower, adding downside risks to our forecast for economic growth that might dip below 1% in the first quarter. The headline sales number increased by 0.5% on the month, according to Commerce ... READ MORE >
Domestic producer prices rose 11.2% in March amid Ukraine war
A key inflation gauge, recorded by domestic producers, reached a new high in March as the ripple effect on energy and food prices from the war in Ukraine began to make its way to the production line. The producer price index for final goods and services rose 11.2% from a year ago, posting double-digit ... READ MORE >
Chart of the day: Initial jobless claims lowest in 54 years
New filings for jobless benefits fell to 166,000 last week—the fewest since 1968—as millions of job vacancies remained unfilled, the Labor Department reported on Thursday. That marked the tenth week in a row that the headline number for U.S. initial jobless claims stayed below the pre-pandemic average ... READ MORE >
Chart of the day: Manufacturing slows amid surge in raw material prices
Manufacturing slowed down in March as input prices surged on the back of the Russian invasion of Ukraine. The headline manufacturing purchasing managers' index was down to 57.1% from 58.6% in February, the lowest since September 2020, the Institute for Supply Management reported on Friday. The index, ... READ MORE >
Chart of the day: Initial jobless claims remain low
New claims for jobless benefits increased by 14,000 last week to 202,000, continuing to stay below the pre-pandemic level in 2019. The increase was likely temporary as the labor market remained tight. Looking at the 13-week moving average—our preferred measure—new claims have stayed mostly flat in the ... READ MORE >