1stQ2014 GDP -2.9%

GDP (1stQ2014)

– Real GDP quarter/quarter -2.9%. Previous release was -1.0% – GDP price index quarter/quarter +1.3%. This is a measure of inflation weighted according as how much each component contributes to GDP.

This data is terrible.  The “story” is that this hot to GDP was all related to bad weather.

MBA Mortgage Applications (week ended 6/20/2014)

– Purchase Index Week/Week -1.0%. Previous weeks were -5.2%, +9.0%, -4.0%, -1.0%, -3.0%, -1.0%, +9.0%, -4.0%, -3.0%, +1.0%, +3.0%, and +1.0%.

– Refinance Index Week/Week -1.0%. Previous weeks were -13.0%, +11.0%, -3.0%, -1.0%, +4.0%, +7.0%, +2.0%, -7.0%, -4.0%, +7.0%, and -5.0%.

– Composite Index Week/Week -1.0%. Previous weeks were -9.2%, +10.3%, -3.1%, -1.2%, +0.9%, +3.6%, +5.3%, -5.9%, -3.3%, +4.3%, and -1.6%.

This data has been bouncy but generally supports the fact that the housing market is weak.

Durable Goods Orders (May 2014)

– New Orders month/month -1.0%. Previous was +0.8% – Ex-transportation month/month  -0.1%. Previous was +0.4%.