Industrial Production down.

MBA Mortgage Applications (week ended 6/10/2016)

– Purchase Index Week/Week -5.0%. Previous weeks were +12.0%, -5.0%, +5.0%, -6.0%, +0.4%, +1.0%, -2.0%, -1.0%, +8.0%, -2.0%, +2.0%, -1.0%, and +0.3%.

– Refinance Index Week/Week -1.0%. Previous weeks were +7.0%, -4.0%, +0.4%, +1.0%, +0.5%, -6.0%, -5.0%, +3.0%. +11.0%, +7.0%, -3.0%, -5.0%, and -6.0%.

– Composite Index Week/Week -2.4%. Previous weeks were +9.3%, -4.1%, +2.3%, -1.6%, +0.4%, -3.4%, -4.1%, +1.3%, +10.0%, +2.7%, -1.0%, and -3.3%.

This data is adjusted for the fact that the previous week contained the Memorial Day Holiday.

 

 

PPI-FD (May 2016)

– PPI-FD month/month +0.4%. Previous was +0.2%
– PPI-FD year/year -0.1%. Previous was +0.0%
– PPI-FD core (less food & energy) month/month +0.3%. Previous was +0.1%
– PPI-FD core (less food & energy) year/year +1.2%. Previous was +0.9%
– PPI-FD less food, energy & trade services month/month -0.1%. Previous was +0.3%
– PPI-FD less food, energy & trade services year/year +0.8%. Previous was +0.9%

I find it difficult to interpret this. The overall month/month looks as if inflation had a breakout but the net core was actually negative.

 

 

Empire State Manufacturing Survey (June 2016)

– General Business Conditions Index +6.1. Previous was -9.2

 
Industrial Production (May 2016)

– Production month/month -0.4%. Previous was +0.6%
– Manufacturing month/month -0.4%. Previous was +0.2%
– Capacity Utilization Rate 74.9%. Previous was 75.3 %

Half of the drop in Industrial Production is due to lower production of autos.