Annual CPI on Target. Retail and Housing Growth Soften.

Consumer Price Index (November 2015)

– CPI month/month  +0.0%. Previous was +0.2%
– CPI year/year    +0.5%. Previous was +0.2%
– CPI core (less food & energy) month/month +0.2%. Previous was +0.2%
– CPI core (less food & energy)  year/year +2.0%. Previous was +1.9%

The most important fact here may be that annual core inflation is right where the Fed wants it at 2.0%.

 

Empire State Manufacturing Survey (December 2015)

– General Business Conditions Index  -4.59. Previous was -10.74

The most important thing about this index is that it gets reported each month.  Manufacturing in New York State is no longer a significant contribution to the economy but, with the New York Fed being as important as it is, no one is going to tell them so.
 

Redbook Chain Store Sales (week ended 12/12/2015)

– Store Sales year/year  +1.5%. Previous was +1.9%

Measuring retail sales during the Christmas holiday season is perilous.  Weekly volume is often affected by discounting or lack thereof and also on-line sales are taking an increasing piece of the action. Also the data is positively biased because it is a measure of same store sales only.  This means stores opened for the past year but that eliminates outlets which were closed.

 

Housing Market Index (December 2015)

– Housing Market Index 61. Previous was 62.

This is a survey index produced by The National Association of Home Builders.  The index has been stronger this year but is now down for two consecutive months.