A Mixed bag of Fundamentals.

Consumer Price Index (June 2014)

– CPI month/month +0.3%. Previous was +0.4%

– CPI year/year +2.1%. Previous was +2.1%

– CPI core (less food & energy) month/month +0.1%. Previous was +0.3%

– CPI core (less food & energy) year/year +1.9%. Previous was 1.9%.

This shows contained inflation. It remains to be seem what the net effect of QE is on inflation.

ICSC-Goldman Chain Store Sales (week ended 7/19/2014)

– Store Sales week/week -0.4%. Previous was +0.1%

– Store Sales year/year +2.8%. Previous was +4.5%

Redbook Chain Store Sales (week ended 7/19/2014)

– Store Sales year/year +3.7%. Previous was +4.1%

FHFA House Price Index (May 2014)

– Prices month/month +0.4%. Previous was +0.1%

– Prices year/year +5.5%. Previous was +6.1%.

I have always been out of step with people in the housing and home loan business because I see home prices increasing much above 2% as a negative. Housing expense eats too much of people’s income leaving them with less disposable income and hurting the rest of the economy.

 

Existing Home Sales (June 2014)

– Existing Home Sales (seasonally adjusted, annualized)   5,040,000. Previous was 4,890,000

– Existing Home Sales month/month  +2.6%. Previous was +4.9%
– Existing Home Sales year/year -2.3%. Previous was -5.0%.

This is another of those “better than last month. Worse than last year” fundamentals.

Richmond Federal Reserve Manufacturing Index (July 2014)

– index level 7. Previous was 3.

This is a survey index of manufacturers in the district covered by the Richmond Federal Reserve.