Today’s fundamentals: PPI, mortgage apps, retail sales, business inventories, industrial production
Recap of big (and generally weak) data day: producer inflation, retail sales, manufacturing, consumer sentiment, business inventories.
Wholesale Inflation (October 2012) PPI PPI – Month/Month -0.2 % PPI – Year/Year +2.3 % PPI less food & energy – Month/Month -0.2 % PPI less food & energy – Year/Year +2.1 % Inflation at the wholesale level remains well-contained. MBA Mortgage Applications (week ended 11/9/2012) Purchase Index – Week/Week +11.0% Refinance Index –
Retail sales up but offset by a third straight monthly contraction in New York area manufacturing.
The only upside of today’s retail sales data: record low rates.
This is a positive report if one’s thinking extends no further than today.
Roundup today’s not-so-good stats. Economic outlook also not-so-good. Only upside: low rates.
Rates hold after flat PPI, lower retail sales, better manufacturing.
Retail Sales – September Retail Sales were +1.1%. – Previous was +0.0 while consensus was +0.8% – ex-autos was +0.8% -It is interesting that the leading indicator from the Comsumer Metrics saw the increase in year-over-year spending peak in mid-August and subsequently give back. If Comsumer Metrics is correct, we will give back some of
Retail Sales: July’s Advance Estimates -Month/Month change: +0.5%. -Biggest rise in 4 months -Excluding Autos Month/Month change: +0.5% –Full report Univ. of Michigan Consumer Sentiment -August Index 54.9 from 63.7 July -This is a massive drop, lowest level since May 1980 -Index averaged 89 in the five years before recession that began Dec 2007. What