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.
Rates trying to hold their ground. Plus a rundown of homebuilder confidence, mortgage applications, PPI, manufacturing
Roundup of today’s economic fundamentals.
Jobless Claims (week ended 12/8/2012) New Claims – 343,000. Previous week was revised down to 372,000. 4-week Moving Average 381,500 Unadjusted New Claims were 428,814 down 72,117 from the previous week. Claims have decreased for 4 consecutive weeks. Initial Jobless Claims data has been distorted: 1) Sandy 2) Christmas hiring and 3) seasonal layoffs due
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 –
PPI (September 2012) – PPI (wholesale inflation) Month/Month core (less food and energy) was +.0.0% – PPI (wholesale inflation) Month/Month overall +1.1% – PPI (wholesale inflation) Year/Year core (less food and energy) was +2.3% The contained core is what is important as a longer term macroeconomic indicator. With the Fed’s enormous expansion of money supply
The only motivation is for the Fed to say that it tried something.
Rates even to slightly up this morning after this data from today.
Massive roundup of key U.S. economic data June 4-22.