THE BASIS POINT

Durables flat after Strong July.

 

MBA Mortgage Applications (week ended 9/23/2016)

– Purchase Index Week/Week +1.0%. Previous weeks were -7.0%, +9.0%, +1.0%, +1.0%, -0.3%, -4.0%, +3.0%, -2.0%, -3.0%, -2.0%, +0.0%, +4.0%, and -3.0%.
– Refinance Index Week/Week -2.0%. Previous weeks were -8.0%, +2.0%, +1.0%, +4.0%, -3.0%, +10.0%, -3.0%, -15.0%, -1.0%, +11.0%, +21.0%, -2.0%, and +7.0%.
– Composite Index Week/Week -0.7%. Previous weeks were -7.3%, +4.2%, +0.9%, +2.8%, -2.1%, +7.1%, -3.5%, -11.2%, -1.3%, +7.2%, +14.2%, and -2.6%.

 

 

Durable Goods Orders (August 2016)

– New Orders month/month +0.0%. Previous was +3.6%
– New Orders year/year -1.3%. Previous was -4.1%
– Ex-transportation month/month -0.4%. Previous was +1.1%
– Ex-transportation year/year -1.1%. Previous was -1.1%
– Core capital goods month/month +0.6%. Previous was +0.8%
– Core capital goods year/year -3.1%. Previous was -5.6%

The large gain in July disappeared making it difficult to get a sense of whether this indicated slowing or is only a result of the fact that DGO tend to be large and clustered.

 

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