Core CPI +2.3%.

MBA Mortgage Applications (week ended 3/11/2016)

– Purchase Index Week/Week +0.3%. Previous weeks were +4.0%, -1.0%, +2.0%, -4.0%, +0.2%, -7.0%, +5.0%, -2.0%, +18.0%,-15.0%, +4.0%, -3.0%, and +0.04%.

– Refinance Index Week/Week -6.0%. Previous weeks were -2.0%, -7.0%, -8.0%, +16.0%, +16.0%, +0.3%, +11.0%, +19.0%, +24.0%, -37.0%, +11.0%, +1.0%, and +4.0%.

– Composite Index Week/Week -3.3%. Previous weeks were +0.2%, -4.8%, -4.3%, +8.2%, +9.3%, -2.6%, +8.8%, +9.0%, +21.3%, -27.0%, +7.3%, and -1.1%.

Purchase applications are +33% year-on-year and are an important indicator of the health of housing. Refinance application are largely rater dependent.

 
Consumer Price Index (February 2016)

– CPI overall month/month -0.2%. Previous was +0.0%
– CPI overall year/year +1.0%. Previous was +1.4%
– CPI core (less food & energy) month/month  +0.3%. Previous was +0.3%
– CPI core (less food & energy) year/year +2.3%. Previous was +2.2%

 
Housing Starts  (February 2016)

– Starts seasonally adjusted, annualized   1,178,000. Previous was 1,120,000
– Permits seasonally adjusted, annualized  1,167,000. Previous was 1,204,000

 
Industrial Production (February 2016)

 
– Production month/month -0.5%. Previous was +0.8%
– Manufacturing month/month +0.2%. Previous was +0.5%
– Capacity Utilization Rate 76.7%. Previous was 77.1%

Manufacturing is recovering but overall Industrial Production is receding because it includes mining, oil extraction and electricity generation.  Industrial Production jobs tend to be better paying jobs and represent the middle class blue collar worker.