Consumers showed less confidence in January as the impact of the omicron variant weighed on expectations, according to a report from the Conference Board on Tuesday. The headline index slid to 113.8 from 115.2 in December, snapping a string of gains since September, when the economy came out of the ... READ MORE >
Chart of the day: Existing home sales fall 4.6%
Existing home sales in the United States cooled off significantly in December, dropping 4.6% on the month to 6.18 million amid near-record housing prices and supply constraints, according to a report from the National Association of Realtors on Thursday. Still, 2021 was a record year for the housing ... READ MORE >
Initial jobless claims reach 13-week high amid omicron variant’s surge
New filings for jobless benefits last week jumped to 286,000, the second sharp increase in a row from 231,000 the week before as the surge in omicron cases led to temporary layoffs across the country, according to government data released Thursday. Despite a tight labor market where companies are ... READ MORE >
Chart of the day: Housing starts and permits end year with upside surprises
The housing market ended the year on a strong note as housing starts and permits rose unexpectedly in December, beating estimates of potential declines. Most of the monthly gains came from sharp increases in multifamily homes, a sign of strong confidence among builders—which was in line with data from ... READ MORE >
RSM US Supply Chain Index: The worst may have passed, but choppy waters remain
The strength of the supply chain in the United States showed significant improvement for a second straight month in December after reaching a two-decade low in October, according to the newest data from the RSM US Supply Chain Index. The index rose 24% on the month to 3.12 standard deviations below ... READ MORE >
Chart of the day: Industrial production inched down in December
The omicron variant’s spread put pressure on industrial production in December as production declined by 0.1%, missing the estimate of a 0.2% increase on the month, according to data from the Federal Reserve on Friday. The unexpected decline was mostly offset by an upward revision of 0.2 percentage ... READ MORE >
U.S. retail sales decline despite a strong holiday season
Price pressures and continued labor shortages magnified by the rapid spread of the omicron variant drove retail sales down by a disappointing 1.9% in December. The decline on the month came despite a strong holiday shopping season, when many consumers heeded warnings about depleted inventories and made ... READ MORE >
Americans’ real earnings are higher today than before the pandemic
Even as prices have soared in recent months, American workers are earning more than they did before the pandemic as the overall gains in their wages have outpaced inflation over the past two years. The real average hourly wage rate in December—which is adjusted for inflation and is an indicator for ... READ MORE >
Initial U.S. jobless claims exceed pre-pandemic level as omicron variant sets in
New filings for U.S. jobless benefits last week rose to 230,000 from 207,000 the week before, exceeding the average pre-pandemic level for the first time in six weeks as the impact of the omicron variant began to be felt in the labor market. The unexpected increase in new claims was also influenced by ... READ MORE >
Chart of the day: Inflation and labor shortages pressure small businesses
Inflation and labor shortages continued to put pressure on small businesses as the Small Business Optimism Index in December remained below its pre-pandemic level, up only 0.5 points to 98.9, according to a report from the National Federation of Independent Business on Tuesday. Nearly a quarter, or ... READ MORE >