Core Inflation Contained.

Consumer Price Index  (February 2015)

– CPI month/month -0.2%. Previous was -0.7%
– CPI year/year -0.1%. Previous was -0.2%
– CPI core (less food & energy) month/month  +0.2 %. Previous was +0.2%
– CPI core (less food & energy) year/year  +1.6%. Previous was  +1.7%.

The headline number reflects the rise in the price of gasoline. Overall core is unchanged.

 

Redbook Chain Store Sales (week ended 3/21/2015)

– Store Sales year/year change  +2.8%. Previous was +2.7%

 

FHFA House Price Index  (January 2015)

– month/month  +0.3%. Previous was +0.7%
– year/year  +5.1%. Previous was +5.4%.

These are the prices for homes financed with conforming loans only.

 
PMI Manufacturing Index Flash  (March 2015)

– Level  55.3. Previous was 54.3.

 

New Home Sales (February 2015)

– New Home Sales seasonally adjusted, annualized  539,000. Previous was 500,000.

This improvement is almost entirely in the Northeast by comparison with the previous month which was awful due to snow.  This report says more about the weather than it does about housing.

 

Richmond Federal Reserve Manufacturing Index  (March 2015)

– level change -8. Previous was 0.

We have seen regional manufacturing indices down this month.  The supply side got ahead of the demand side and these were expected corrections.