Sales of existing homes dipped 7.2% in February after recording a sharp 6.6% rise in January, the National Association of Realtors reported on Friday. … READ MORE >
Industrial production advanced, and oil and coal outputs ramped up amid rising prices
Industrial production grew at a slower rate in February as utility outputs dropped back down from an unusually cold January. Manufacturing took the driver seat on the month, despite a sharp drop in auto production. … READ MORE >
Initial jobless claims fall below pre-pandemic level while housing starts improve
New filings for jobless claims, a proxy for job layoffs, fell below the pre-pandemic level once again last week to 214,000, according to the Department of Labor. That marked a 15,000 drop from the prior week and a continuing testament to how tight the labor market has been. … READ MORE >
U.S. retail sales lag inflation in February amid rising energy prices
Retail sales growth fell behind inflation increases in February, posting a weak 0.3% increase, as growth slowed down in most categories except gasoline stations. … READ MORE >
Chart of the day: Producer prices fall, but not for long
Producer prices increased by 0.8% on the month, down from a 1.2% increase in January while registering a 10% rise in back-to-back months compared to a year ago, the Bureau of Labor Statistics reported on Tuesday. … READ MORE >
Chart of the day: Consumer sentiment slides amid energy shock
Consumer sentiment slid further in March, falling by 3.1 points from February amid spikes in oil and gasoline prices. The University of Michigan sentiment gauge dropped to 59.7, an 11-year low, according to data released Friday. … READ MORE >
Chart of the day: Initial jobless claims inch up
Initial jobless claims inched up by 11,000 last week, most likely a temporary spike as most of the increase came from New York and California with 16,000 and 6,000 new claims, respectively. … READ MORE >
Chart of the day: Job openings surpass 11 million in back-to-back months
The scramble by employers to find workers continued amid a historically tight labor market in January, as employers reported 11.3 million job openings for the month. … READ MORE >
Chart of the day: U.S. trade deficit nears $90 billion, a record
The United States trade deficit reached a record high in January as strong domestic demand continued to push imports higher, especially oil, while exports were dampened by the omicron surge which shut down production and limited travel. … READ MORE >
Energy shock will hit low-income Americans the hardest
Despite such a significant price shock, the Federal Reserve should not overreact by hiking interest rates aggressively because the spillovers from higher energy prices on core goods and services will most likely be relatively small and fade quickly. … READ MORE >