THE BASIS POINT

Cars and Gas Drive Today’s Data

Mortgage Applications  (week ended 3/13/2013)

– Purchase Index – Week/Week -3.0%

– Refinance Index – Week/Week -5.0%

– Composite Index -Week/Week -4.7%

Retail Sales (February 2013)

– Retail Sales  – Month/Month 1.1%

– Retail Sales less autos – Month/Month  1.0%

– Less Autos & Gas – Month/Month 0.4%

The headline number looks fine but it was driven by a 5% increase in the price of gasoline.  Looking inside Retail Sales we see an ever increasing percent happening online.  Amazon continues to hurt the likes of Best Buy.

Import/Export Prices (February 2013)

– Export Prices – Month/Month 0.8%

– Export Prices – Year/Year 1.5%

– Import Prices – Month/Month 1.1%

– Import Prices – Year/Year -0.3%

The jump in import prices was entirely due to the price of crude oil.

Business Inventories (January 2013)

– Inventories – Month/Month 1.0%

Auto and auto parts output was +1.9%.  Some of this increase in January autos and auto parts output became increased Retail Sales in February.   As a subsegment of Retail Sales, autos and parts were +1.12% in February.

$XRT, $SPY, $CL_F

Comments [ 0 ]

    Speak Your Mind