THE BASIS POINT

Housing Start up but Single-family lowest since September 2015.

 

Consumer Price Index (July 2016)

– CPI month/month +0.0%. Previous was +0.2%
– CPI year/year +0.8%. Previous was +1.0%
– CPI core (less food & energy) month/month +0.1%. Previous was +0.2%
– CPI less food & energy year/year +2.2%. Previous was +2.3%.

The component with the largest cost increases is medical care. The increases in the cost of health insurance and housing continue to take large bites out of discretionary spending.

 
Housing Starts (July 2016)

– Starts seasonally adjusted annualized rate 1,211,000. Previous was 1,186,000
– Permits seasonally adjusted annualized rate 1,152,000. Previous was 1,153,000

We need about 1,500,000 Housing Starts to keep pace with population growth and scrappage. We also are seeing flat to declining construction of single-family homes. SFR construction in
July was the lowest since September 2015.

 
Redbook Chain Store Sales (week ended 8/13/2016)

– Store Sales year/year +0.2%. Previous was +0.5%

 

 

Industrial Production (July 2016)

– Production month/month +0.7%. Previous was +0.4%
– Manufacturing month/month +0.5%. Previous was +0.3%
– Capacity Utilization Rate 75.9%. Previous was 75.4%

Manufacturing output was +0.5%. Industrial Production includes Manufacturing, Utility Output and Mining.

 
E-Commerce Retail Sales (2ndQ2016)

– E-Sales quarter/quarter seasonally adjusted, annualized +4.5%. Previous was +4.0%.

 

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