- January 2012 US Existing-Home Sales
- US: Existing Home Sales Continue to Pick Up
Inventories of existing homes continued to fall in January, declining 0.4 percent. The month’s supply of existing homes now stands at 6.1 months, down from December’s 6.4 months. We are skeptical that this trend will continue in the months ahead due to the wave of foreclosure activity that will […] - Hungary: Further deficit decreasing for 2012-13
The measures should be in connection with today’s expected decision of the European Commission to suggest suspending cohesion fund payments to Hungary as of 2013. If the cabinet can persuade the EC, it may later withdraw today’s expected negative ruling. The step is generally positive, but the […] - France: Inflation down at 2.3%
French consumer prices declined by 0.4% in January, pushing down headline inflation from 2.5% to 2.3% on a year-on-year basis. This is the first sign of an eagerly awaited weakening. The positive message is supported by the deceleration of core inflation, from 1.8% to 1.5%. This is good news for […] - Euro Zone: Slight decrease in activity in February
Eurozone activity contracted in February, according to PMI figures released this morning. The Composite PMI for activity, normally a good leading indicator of GDP growth, came in at 49.7 in January, from 50.4 previously. Conditions slightly worsened in Germany and France, but they remained […] - World: Output and trade hit a record high in December
World Watch The global economy continues to exhibit uncanny resilience. According to just-released data by the CPB Netherlands Bureau for Policy Analysis, global volume trade flows rose 1.5% in December to an all-time record high. As today’s Hot Chart shows, production was also up strongly on the […] - Canadian retail sales fell 0.2% in December
OPINION: Despite December’s flat volumes, real retail sales are up 5.3% annualized in the last quarter of 2011, the highest since Q1 of 2010. So expect a decent contribution from consumption spending in the quarter. Note that the spending spree on durables extended into January if preliminary […] - France: No climate change
The INSEE composite business confidence survey remained stable in February, at 91. The lack of improvement is disappointing but, at least, its long slide since April 2011 is interrupted at last. This is good news and stability is broad based as all sectors but one show it (industry, services, […] - Japan: Record trade deficit
In January, the trade deficit widened to a record JPY 1475 billion. The decline in exports is due to the slowing of world trade and the appreciation of the yen. Exports will be stimulated by the upturn in global activity, but their growth will be dampened by power shortages and offshoring. In […] - Canada: CPI accelerates but should not challenge BoC
Non-Seasonally adjusted core inflation (BBVA:0.1% MoM, Consensus:0.1) increased 0.2% in January following a 0.5% plunge in December, driven by sharp increases to transportation costs (1.8% MoM) Commodity price increases drove headline inflation higher, as food and energy prices returned to 2011 […] - Mexican Economy Slows Down, But Remains Robust
The Mexican economy slowed down in 2011 compared to the previous year, but remained robust amid a troubling worldwide economic environment. This Time Around, Being so Close to the U.S. Pays Off Mexicans have a famous saying that goes like this: “Poor Mexico, so far away from God, so close to the […] - US: Leading Indicators Point to Continued Growth
The Leading Economic Indicators index rose 0.4 percent, supported by an increase in the average workweek and improving financial indicators. This is now the fourth-consecutive month of improvement in the index. Average Workweek Rebounds Among the employment indicators in the index, the average […] - US: Consumer Prices Up, But Well Contained
Consumer prices increased by 0.2 percent in January, after posting no change in December. Meanwhile, core consumer prices posted the same increase as the overall measure. Consumer Prices Well Contained U.S. consumer prices remained contained out of the gate in January, as the consumer price index […] - United States: Why doesn’t inflation slowdown?
In January, core inflation remained high, at +2.3% y/y. After three full years of deflationary pressures, this may be just a catch-up. However, and even if markedly down, the unemployment rate remains high, which indeed prevents hourly earnings from accelerating. So why is core inflation […] - Canadian core CPI: rebound in January
OPINION: Canadian CPI Canada’s surprised on the upside in January with both measure exceeding consensus expectations by 0.2% (y/y). Economists already knew that headline CPI will be pushed up by strong gasoline price increase (2.8%) and the increase of the provincial sales tax in Quebec (indirect […] - United Kingdom: Increasing sales in January
In January, retail sales were unexpectedly up by 0.9% m/m after +0.6% in December, as promotions principally drove volumes. They were up 2% when compared to a year earlier and up 1.3% q/q between November and January, signalling that private consumption probably backed activity over this period. In […] - Canada: Manufacturing sales up 0.6% in December
OPINION: The increase in volume manufacturing sales in December is the fifth in the last six months (top chart). During that period, real sales increased 8.3%. Not all of that translated into increased production, as real inventories decreased 1.2% (-0.3% in December). This likely means future […] - US: Wholesale Prices Tick Up in January
Weighed down by lower food and energy prices, total finished goods prices increased a scant 0.1 percent in January. Core PPI, however, rose a stronger-than-expected 0.4 percent. Energy and Food Prices Slide Incorporating the benchmark revision that occurs every five years, prices for total finished […] - US: Housing Starts Begin the Year on a Positive Note
Housing starts rose 1.5 percent in January to a 699,000-unit pace, from an upwardly revised 689,000-unit pace in December. The gain was concentrated in multifamily starts, which increased 8.5 percent. Housing Starts Rise More Than Expected in January Housing starts rose 1.5 percent to a […] - Canada: Lumber exports to the U.S. set to rise
Canada Watch U.S. home builder confidence continues to improve at a brisk pace. According to the National Association of Home Builders (NAHB), builder sentiment jumped four points in February. This outcome was all the more impressive as it came on the heels of a similar jump in January. The index […] - More…
