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.
Ever increasing online influence on retail sales.
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 –
Retail sales up but offset by a third straight monthly contraction in New York area manufacturing.
CPI (Retail Level Inflation) August 2012 CPI core (less food & energy) Month/Month 0.1% CPI less food & energy Year/Year 1.7% CPI – Month/Month 0.6% CPI – Year/Year +1.7% Core CPI is contained. Overall reflects higher gasoline and food prices and those increases are weather related and will correct. Retail Sales (August 2012) Retail Sales
The only upside of today’s retail sales data: record low rates.
Massive roundup of key U.S. economic data June 4-22.