Housing Still Soft.
MBA Mortgage Applications (week ended 2/13/2014)
– Purchase Index Week/Week -7.0%. Previous weeks were -7.0%, -2.0%, -0.1%, -3.0%, +24.0%, -5.0%, +1.0%, -7.0%, +1.0%, +3.0%, -10.0%, and +12.0%.
– Refinance Index Week/Week -16.0%. Previous weeks were -10.0%, +3.0%, -5.0%, +22.0%. +66.0%, -12.0%, +1.0%, +0.0%, +13.0%, -13%, and -4.0%.
– Composite Index Week/Week -13.2%. Previous weeks were -9.0%, +1.3%, -3.2%, +14.2%, +49.1%, -9.1%, +0.9%, -3.3%, +7.3%, -7.3%, and -4.3%.
The Purchase Index is important because it relates top Home Sales and Housing Starts, It has declined for 5 weeks in a row after gaining 24.0% in one week.
The refi index is down because rates are up.
Housing Starts (January 2015)
– Starts (seasonally adjusted, annualized) 1,065,000. Previous was 1,087,000
– Permits (seasonally adjusted, annualized) 1,053,000. Previous was 1,060,000.
More than 6 years after the bust Housing Starts have still not returned to the 1,500,000 level necessary to keep pace with population growth and scrappage.
PPI-FD (January 2015)
– PPI-FD month/month -0.8%. Previous was -0.2%
– PPI-FD year/year -0.1 %. Previous was +1.0%
– PPI-FD less food & energy – month/month -0.1%. Previous was +0.3%
– PPI-FD less food & energy year/year +1.5%. Previous was +1.8%
– PPI-FD less food, energy & trade services month/month -0.3%. Previous was +0.1%
– PPI-FD less food, energy & trade services year/year +0.9%. Previous was +1.4%
– PPI-FD Goods month/month -2.1%. Previous was -1.1%
– PPI-FD Goods year/year -3.9%. Previous was -1.2%
– PPI-FD Services month/month -0.2%. Previous was +0.3%
– PPI-FD Services year/year +1.9%. Previous was +2.3%
Inflation remains well-contained.
Industrial Production (January 2015)
– Production month/month +0.2%. Previous was -3.0%
– Capacity Utilization Rate 79.4%. Previous was 79.4%.
– Manufacturing month/month +0.2%. Previous was +0.0%.
Redbook Chain Store Sales (week ended 2/14/2014)
– Store Sales year/year +3.2%. Previous was +2.1%.