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United States
Detailed economic analysis, economic indicators, and forecasts for the United States.


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Nov 20

Energy Roundup: Refineries Reel From Recession


Capacity will be permanently reduced.
Nov 20

Monetary Policy Diverges Among Emerging Economies


Labor markets are mending more quickly in the developing world.
Nov 20

Market Wrap: Stocks Pare Losses


The dollar strengthened and Treasuries declined.
Nov 20

Regional Employment Climbs, but Jobless Rates Still High


State labor markets are slowly regaining traction, but improvement is uneven.
Nov 20Uncertainty Haunts Credit Markets
As go the banks, so goes the rest of the economy.
Nov 20U.S. Economic Preview: November 23-27
Growth data are likely to have a mixed tone.
Nov 20

Market Preview: No Data to Brighten Wall Street's Mood


The dollar has appreciated sharply against the pound.
Nov 19

Job Data Confirm Hiring Drought's Role in Downturn


More evidence that small businesses bore the brunt of the recession's fury.
Nov 19

Market Wrap: Good Economic News, but Stocks Sell Off


Treasuries and the dollar rose amid risk aversion.
Nov 19

Consumer Credit Conditions May Be Poised to Improve


The job market remains a threat, particularly regarding bank credit cards.
Nov 19

Modifications Are Key to Stemming Foreclosure Wave


States with the largest housing bubbles face the greatest risks.
Nov 19

Leading Indicators Signal Continuing Recovery


But the pace of the rebound will slow as temporary supports are removed.
Nov 19

Philadelphia Fed: Manufacturing Recovery Gains Steam


A slow turn in the inventory cycle adds downside risk to the forecast.
Nov 19

Layoffs Slowing, but Not Enough to Ease Overall Burden


The total number of workers on UI benefit rolls continues to swell.
Nov 19

Market Preview: Futures Follow Global Equities Lower


The dollar is mixed against the major currencies.
Nov 18

Market Wrap: Weak Housing Data Send Stocks Lower


The dollar and Treasuries were mixed.
Nov 18

Overreaction to Fed Comments Illustrates Market Jitters


St. Louis Fed president's comments were less dovish than investors first thought.
Nov 18As Federal Support Fades, Spending Faces Test
Stimulus measures have kept consumer spending from falling rapidly.
Nov 18

Homebuilding Recovery Hits a Snag


Gains in real residential investment will be smaller this quarter.
Nov 18

'Clunker' Effect Raises Core CPI


Labor market slack and high vacancy rates will push core inflation lower.
Nov 18U.S. Regional Outlook: The Shape of Recovery
The North Central and Southeast regions may lead the nation back from recession.
Nov 18

Market Preview: Equities Steady Ahead of Housing, Price Data


The dollar reversed most of Tuesday's gains against the major currencies.
Nov 17

Market Wrap: Stocks Reverse Intraday Losses


The dollar firmed and Treasuries gained.
Nov 17

Capital Flows Should Ease Pressure on U.S. Dollar


Foreign appetite is recovering
Nov 17

Corporate Bond Spreads Hold Steady


Small banks remain financially stressed by commercial real estate loans.
Nov 17

Homebuilders' Confidence Remains Low


With little positive news, construction expectations remain weak.
Nov 17

Fed Slowly Turning Off the Liquidity Spigot


A minor change to discount window loans does not signal that rate hikes are imminent.
Nov 17

Manufacturing Takes a Breather


Early indications are that output will resume growing in November.
Nov 17

U.S. Producer Prices Remain Tame


A rise in prices at earlier stages of production does not pose a near-term threat.
Nov 17

Market Preview: Futures Ebb Ahead of Output, Price Data


Treasury prices are lower, giving back a bit of Monday's gains.
Nov 16

Forecasters' Survey Sees Weaker Labor Market


Inflation looks stable despite an uptick in market-based gauges.
Nov 16

Market Wrap: U.S. Stocks Follow Global Equities Higher


The dollar fell, boosting interest in commodities and Treasuries.
Nov 16

Bernanke Refrains From Bucking Up the Greenback


Recovery has taken hold, but challenges remain.
Nov 16

Inventory Revisions Point Downward for Third Quarter GDP


Our tracking estimate has fallen to 2.8% for the September quarter.
Nov 16

Decline in Manufacturing Survey Is Not Troubling


Manufacturing's recovery has plenty of momentum.
Nov 16

Autos Provide Much-Needed Lift to Retail Sales


Large revisions to September's data lower the tracking estimate for third-quarter GDP.
Nov 16U.S. Chartbook: Global Recovery Takes Shape
Manufacturing and fading risk aversion bolster prospects for a sustained recovery.
Nov 16

Market Preview: Futures Up Ahead of Retail, Manufacturing Updates


The dollar is depreciating against the major currencies, adding to two weeks of declines.
Nov 13

Energy Roundup: Unjustified Oil Price Will Rule Out OPEC Cut


Natural gas prices continue to tumble.
Nov 13

Market Wrap: Stocks Shake Off Downbeat Data


The dollar lost ground.
Nov 13Obama to Push Trade Policy in Asia
But the dollar's depreciation looms over the President's visit to the region.
Nov 13U.S. Economic Preview: November 16-20
Reports will show the pickup persisted into the fourth quarter.
Nov 13

Trade Deficit Takes Bigger Bite Out of Third-Quarter Growth


Third-quarter real GDP growth is tracking 3.1%, down from the initial 3.5% estimate.
Nov 13Is the U.S. Job Market Near a Turning Point?
Employment may stabilize soon. But a V-shaped rebound isn't likely.
Nov 13

Rising Unemployment, Gas Prices Discourage Consumers


Stable inflation expectations are Fed-friendly.
Nov 13

Higher Import Prices Don't Alter Inflation Outlook


Biggest threat is if higher import prices drive inflation expectations higher.
Nov 13

Market Preview: Weak Dollar Boosts Asset Prices


A slew of data will influence trading.
Nov 12

Market Wrap: Holiday Concerns a Drag on Stocks


Treasuries and the dollar benefit from risk aversion.
Nov 12

Wal-Mart Data Indicate That Overall Spending Is Slow


It now seems less likely that consumer spending has accelerated.
Nov 12

Central Banks Absorb Supply of Three-Year Treasuries


But investors balk at the auctions of longer maturities.
Nov 12Save the Econosphere!
Like the tree-hugging pioneers of environmentalism, someone needs to block the market's bulldozers.
Nov 12

Jobless Claims Point Toward Slow Improvement in the Job Market


While improving, jobless claims remain uncomfortably high.
Nov 12

Market Preview: Jobless Claims in Focus


Geithner's call for a strong dollar moved currency markets overnight.
Nov 11

Market Wrap: Stocks Rise in Light Trading


The dollar and commodities also gained.
Nov 11

Puzzling Rise in Inflation Expectations Could Vex the Fed


Price pressures are virtually nil.
Nov 11

Geithner Talks Up the Dollar


China hints that it might be ready to revalue the yuan.
Nov 11

Mortgage Modification Program Still Falling Short


HAMP needs to reach more homeowners, or rising foreclosures will worsen the outlook.
Nov 11

Policymakers Attempt to Coordinate an Exit Strategy


A global recovery has begun but not at a pace sufficient to withdraw fiscal support.
Nov 11

Market Preview: China Fuels Global Equities Rally


The dollar has fallen, while commodities prices have gained.
Nov 10U.S. Macro Outlook: Less Than Graceful
Policymakers must stay aggressive to keep the fragile recovery from unraveling.
Nov 10

Market Wrap: Light Day Ends Mixed


Stocks, Treasuries and the dollar all drifted throughout the day.
Nov 10

Fed Officials Strike Common Chord on Rate Status Quo


Policymakers are concerned about a potentially jobless recovery and CRE troubles.
Nov 10Economic Conditions Ripe for Currency Volatility
U.S. officials face growing international pressure to support the greenback.
Nov 10

Corporate Bond Markets in a Holding Pattern


Falling commercial paper spreads signal investors are looking to take on more risk.
Nov 10

IEA Forecast a Shot Across the Bow on Climate Change


The agency is using its clout to influence policy ahead of the Copenhagen meeting.
Nov 10

Job Turnover Data Point to Stagnant Labor Market


Hires, separations and job openings were little changed in September.
Nov 10

Scant Hiring by Small Businesses Weighs on Job Market


Small firms played a minimal role in the recent moderation in payroll declines.
Nov 10U.S. Vehicle Sales: The New Normal
Demographics, income and credit conditions all point to a slower sales pace.
Nov 10

Market Preview: Fedspeak, Small Businesses in Focus


Treasury yields are still falling.
Nov 9

Banks Tighten Credit Less Aggressively, but Limits Still Pose Risk


Restrictive lending conditions remain a major hurdle for spending and job creation.
Nov 9

Market Wrap: G-20 Statement Bolsters Stocks


The dollar struggled, boosting commodities, while Treasuries held their ground.
Nov 9

U.S. Banks Are Still Hoarding Cash


Small businesses face a credit crunch that will slow recovery in the labor market.
Nov 9U.S. Chartbook: Recovery Hits a Speed Bump
Unemployment is now likely to peak at a quarterly average of 10.7%, and 11% on a monthly basis.
Nov 9

House Passes Healthcare Reform Buck to the Senate


The latest House proposal might be a tough pill to swallow.
Nov 9

Market Preview: Weak Dollar Boosts Asset Prices


Treasury yields rise ahead of this week's auctions.
Nov 6

Emerging Financial Markets Seek Direction


Economic data are losing their power to drive asset prices higher.
Nov 6

Market Wrap: Stocks Withstand Weak Jobs Report


Safe-haven shifts affected the Treasury, currency and commodity markets.
Nov 6Jobless Rise Demands More Policy Action
The recovery in employment stalled as small firms increased layoffs.
Nov 6U.S. Economic Preview: November 9-13
Looking for 3% growth this quarter.
Nov 6

Energy Roundup: Natural Gas, Crude Oil Could Part Ways


Oil prices steady near $80 this week.
Nov 6

Wholesale Inventory Liquidation Slows


Third-quarter real GDP growth is tracking at 3.3% after the report.
Nov 6

Another Poor Jobs Report


The labor market needs to crawl before it can walk.
Nov 6

Market Preview: Futures on Hold Ahead of Jobs Report


Gold is climbing, while the dollar has depreciated.
Nov 5

Market Wrap: Jobs, Profits News Cheers Equity Investors


The dollar and Treasuries flat-lined.
Nov 5

Final Thoughts on October Payrolls


Another difficult month, but signs of improvement are emerging.
Nov 5

Chain Store Report Hints at Further Spending Gains


Consumer spending this quarter will slow but should not decline.
Nov 5

Productivity Growth Rockets Upward While Unit Labor Costs Plunge


Deep job cuts and wage curbs hurt consumer spending but lay a path for hiring and wage growth.
Nov 5

Slow Drop in Jobless Claims Signals Painful Recovery Underway


Workers are being laid off at the slowest pace in nearly a year, but few firms are hiring.
Nov 5

Market Preview: U.S. Futures Flat Ahead of Jobless Claims


Monetary policy announcements overseas hit currency markets.
Nov 4

Market Wrap: Stocks Fail to Hold Gains


The dollar fell, boosting commodity appeal and prices.
Nov 4

U.S. Signals Shift to Longer-Term Debt to Cope With Deficit


Expect larger Treasury note and bond auctions next year.
Nov 4

Fed's Go-Slow Approach Will Help Safeguard Recovery


The cut in agency purchases may be meant to prepare markets for the Fed's eventual mop-up.
Nov 4

FOMC to Keep Rates 'Exceptionally Low,' Trim Agency Buys


Policymakers will be reluctant to hike rates with the unemployment rate rising.
Nov 4

Regional Leaders Emerge in U.S. Recovery


Our index shows 11 states have returned to growth.
Nov 4

ISM Surveys Depict Still-Lopsided Economy


Business activity and new orders were solid, but employment remained weak.
Nov 4

ADP Shows Labor Market Crawling Toward Stabilization


We maintain our forecast for a drop of 175,000 in October nonfarm employment.
Nov 4

Market Preview: Futures Up Ahead of Services Data, Fed Statement


The dollar slid, while gold pushed higher.
Nov 3

October Auto Sales Beat Expectations


Improvement may help limit the decline in real durable spending this quarter.
Nov 3

Market Wrap: Equities Give Back Early Gains


Gold hit a new high, and Treasury prices were lower at the long end of the curve.
Nov 3

Short-Term Treasuries Threaten Corporate Bond Rally


Issuance remains light during earnings season, and failures have dampened moods.
Nov 3FOMC Preview: Looking for Direction
Rising unemployment will keep policy rates on hold until late 2010.
Nov 3

Inventory Cycle Just Starting to Propel Growth


Third quarter GDP growth is tracking 3.1% after the factory orders report.
Nov 3U.S. Can't Afford to Punt on Deficit Reduction
Obama needs to outline future spending cuts and tax increases now.
Nov 3

Market Preview: Global Stocks Slide on Poor Earnings Reports


The dollar has strengthened while the price of gold rises.
Nov 3U.S. Chartbook: The Landscape of Recovery
Third-quarter growth showed promise but isn't guaranteed to continue.
Nov 2

Market Wrap: Early Stock Rally Fizzles


Treasuries faltered, while the dollar was mixed.
Nov 2

Home Improvement Lifts Construction Spending


Spending on private nonresidential building declines.
Nov 2

ISM Suggests Fourth Quarter Got Off to a Solid Start


Expectations for a better jobs number build as the employment index jumps.
Nov 2

Rise in Pending Sales a Sign Housing Recovery Is Still Intact


Improvement has partly hinged on the first-time homebuyer tax credit.
Nov 2As the Rich Recover, Will They Take the Economy Along?
High-income households drive total consumer spending.
Nov 2

CIT Bankruptcy Will Impede Credit for Small Firms


Government may need to increase aid to protect the fragile recovery.
Nov 2

Market Preview: Futures Up Ahead of Manufacturing, Housing Data


Commodity prices are rising solidly as the dollar falls and China expands.
Oct 30Who Cares About Federal Economic Statistics?
Those who collect the data we need need our help.
Oct 30

White House: Stimulus Has Created or Saved 640,000 Jobs


The real number will never be known, but the stimulus is working.
Oct 30

Market Wrap: GDP Enthusiasm Fades Quickly


A return to safe havens was the theme.
Oct 30U.S. Economic Preview: November 2-6
Awaiting confirmation that the pickup can persist.
Oct 30

Energy Roundup: Saudis Call It Quits on WTI


The price of oil slipped amid concerns about the economic recovery.
Oct 30

ISM-Chicago Sends Mixed Messages on Manufacturing


Increase in auto production helps push the ISM-Chicago above 50.
Oct 30

Consumer Confidence Is Stuck in a Rut


Rising unemployment and gas prices are weighing on consumers' moods.
Oct 30China Can't Solve the U.S. Dollar's Problems
Excess liquidity and diversification by global investors are behind the greenback's depreciation.
Oct 30

Compensation Stabilizes at Slow Rate of Growth


U.S. consumers can't count on fatter paychecks to fuel spending.
Oct 30

Consumer Spending in for a Letdown This Quarter


Government transfer payments helped put a floor under personal income.
Oct 30

Market Preview: Futures Retreat Ahead of Economic Data


The greenback has strengthened, and commodities prices have fallen.
Oct 29

Emerging Economies Deliver Solid Growth


Many countries are now acting to limit currency appreciation.
Oct 29

Boeing Move Highlights Regional Manufacturing Shift


Labor issues and local incentives still draw production from traditional hubs.
Oct 29

Market Wrap: Stocks Bounce on GDP Increase


Treasuries and the dollar slipped on reduced risk aversion.
Oct 29

Regional Surveys Point Toward Little Improvement in ISM


Massive inventory liquidation will give way to stronger production.
Oct 29

Survey Sends False Positive on Housing Inventory


The homeowner vacancy rate is down from its peak, but excess units still weigh on the market.
Oct 29

GDP Paints Encouraging Picture for Recovery


The advance third quarter GDP confirms that growth has resumed.
Oct 29

Labor Market Improving Slowly


Initial claims have been gradually heading downward over the past six months.
Oct 29

Market Preview: Homebuyer Tax Credit Gains New Life


Investors await third quarter GDP estimate.
Oct 28

Market Wrap: Stocks Drop on Weak Housing News


Treasuries and the dollar benefited from risk aversion.
Oct 28

Will Renewed Growth Dislodge Inflation?


Anchored expectations are needed for the Fed to keep rates unchanged.
Oct 28

New-Home Sales Step Back in September


The report reinforces other signs of a lull in the housing recovery.
Oct 28Learning to Live with Banks Too Big to Fail
Giant financial institutions are a reality. Smart regulation can deal with it.
Oct 28

Capital Goods Orders Surpass Shipments


Equipment investment should start to rise in the months ahead.
Oct 28

Market Preview: Global Equities Slip on Disappointing Earnings


Treasuries rise ahead of a big auction.
Oct 27

Market Wrap: Mixed Bag for Equities


Treasuries were broadly higher.
Oct 27

Residential Investment Will Boost Third Quarter Growth


The housing recovery begins to have positive effects on income.
Oct 27

Corporate Bonds Hold Firm as Treasury Yields Rise


Last week's selloff in equities didn't carry over to corporate bonds.
Oct 27

October's Decline in Sentiment May Be Overdone


Seasonal adjustments push confidence lower; labor market details are still troubling.
Oct 27

House Prices Rise, but Improvement Slows


Prices may resume declining after the first-time homebuyer tax credit expires.
Oct 27

Market Preview: Futures Up Ahead of Consumer, Housing Data


The dollar is steady against the euro and yen.
Oct 26

Market Wrap: Stocks Reverse Early Gains


The dollar strengthened.
Oct 26

Futures Bet Fed Will Tighten in First Half of 2010


Yet core inflation will soften well into next year, and expectations are anchored.
Oct 26

Credit Crunch Still Hinders Small Firms


Policymakers will be watching bank lending closely.
Oct 26U.S. Chartbook: Moving Forward Without Confidence
The recovery is not being sparked by the consumer.
Oct 26

Market Preview: Confidence in Recovery Boosts Global Equities


Gold and copper are climbing as the dollar sinks and China booms.
Oct 23

Oil Prices Set to Climb Higher


Natural gas prices will remain near current levels.
Oct 23

Market Wrap: Earnings, Data Fail to Spark Rally


The dollar firmed, but Treasuries struggled.
Oct 23Tax Credit Lifts Home Sales, But Not Enough
Congress should extend and expand support for the troubled housing market.
Oct 23

Are Leading Indicators Sending False Signals?


The economy faces a number of hurdles before recovery becomes expansion.
Oct 23U.S. Economic Preview: October 26-30
Recovery is front and center.
Oct 23

Rise in Home Resales Not Sustainable Without Tax Incentive


Sales will decline sharply in December unless Washington extends the tax credit.
Oct 23

Bernanke Pressures Congress to Act on Regulatory Reform


Fed chairman supports a council to oversee systemic risks.
Oct 23

Market Preview: Investors Await Housing News, Unfazed by U.K. Data


The dollar has risen against the pound.
Oct 22

Market Wrap: Leading Indicators Encourage Stocks


The dollar firmed, while commodities slipped.
Oct 22

House Prices May Not Be Done Falling


The FHFA report indicates there is still no upward momentum.
Oct 22

Leading Index Confirms Recovery Is on Track


The Conference Board gauge continued to rebound, rising 1% in September.
Oct 22

Despite Latest Rise, Jobless Claims Still on Downward Track


Initial claims have decreased noticeably in recent months.
Oct 22U.S. Holiday Sales Will Not Drive Recovery
Sales will not plunge again, but spending will scarcely increase.
Oct 22

Market Preview: Futures in Retreat


The dollar has risen against major currencies.