GDP Components Weak, Producer Inflation Up: Go Figure

MBA Mortgage Applications (week ended 12/9/2016)

– Purchase Index Week/Week -3.0%. Previous weeks were +0.4%, -0.2%, +19.0%, -6.0%, +1.0%, -0.4%, -7.0%, +3.0%, -3.0%, -0.1%, +1.0%, -7.0%, and +9.0%.
– Refinance Index Week/Week -4.0%. Previous weeks were -1.0%, -16.0%, -3.0%, -11.0%, -3.0%, -2.0%, -2.0%, -1.0%, -8.0%, +5.0%, -2.0%, -8.0%, and +2.0%.
– Composite Index Week/Week -4.0%. Previous weeks were -0.7%, -9.4%, +5.5%, -9.2%, -1.2%, -1.2%, -4.1%, -0.6%, -6.0%, +2.9%, -0.7%, and -7.3%.

Refinance applications are down for the 10th consecutive week.

 

PPI-FD – Wholesale Inflation (November 2016)

– PPI-FD month/month +0.4%. Previous was +0.0%
– PPI-FD year/year +1.3%. Previous was +0.8%
– PPI-FD core (less food & energy) month/month +0.4%. Previous was -0.2%
– PPI-FD core (less food & energy) year/year +1.6%. Previous was +1.2%
– PPI-FD core goods (less food, energy & trade services) month/month +0.2%. Previous was -0.1%
– PPI-FD core goods (less food, energy & trade services) year/year +1.8%. Previous was +1.6%

Wholesale prices are up across the board. Hope that this represents a sustainable increase on the demand side is contradicted by Retail Sales (below.).

 
Retail Sales (November 2016)

– Retail Sales month/month +0.1%. Previous was +0.6%
– Retail Sales less autos month/month +0.2%. Previous was +0.6%
– Less Autos & Gas month/month +0.2%. Previous was +0.5%

This is a 4thQ2016 GDP component.

 

Industrial Production (November 2016)

– Production month/month -0.4%. Previous was +0.1%
– Manufacturing month/month -0.1%. Previous was +0.3%
– Capacity Utilization Rate 75.0%. Previous was 75.4%

 

Business Inventories (October 2016)

– Inventories month/month -0.2%. Previous was +0.0%

This is a 4Q2016 GDP component.