THE BASIS POINT

Fundamentals 9/14: PPI, Retail Sales, Mortgage Apps

Retail Sales (August)
-Retail Sales – Month/Month unchanged
-Retail Sales less autos – Month/Month change +0.1 %
-This is not good. Only the consumer can get GDP going and the consumer is overleveraged, unemployed or concerned. Unless it causes consumer spending to increase, anything done in D.C. is for naught.
Retail Sales

Business Inflation (PPI)
-PPI – Month/Month +0.0 %
-PPI – Year/Year +6.5 %
-PPI less food & energy – Month/Month +0.1 %
-PPI less food & energy – Year/Year +2.5 %
PPI

MBA Mortgage Applications (week ending 9/9)
-Purchase Index – Week/Week +7.0 %
-Refinance Index – Week/Week +6.0 %
-Composite Index – Week/Week +6.3 %

Business Inventories (July)
-Inventories – Month/Month +0.4 %
-Business increased inventories but Retail Sales were flat. Business remains a bit more optimistic than the consumer.

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