THE BASIS POINT

Retail Hurt by Weather

Mortgage bonds are down a bit this morning, putting some upward pressure on rates. Quiet day pre-holiday. Big market mover still Friday’s June jobs report. Here’s a rundown of today’s economic data.

Factory Orders (May 2012)
– Month/Month was +0.7%
– A welcome gain compared to the previous -0.7% which has marked the 3rd consecutive loss.
– Manufacturing has flattened and this gain merely offsets the previous month’s loss.

Chain Store Sales (week ended 6/30/2012)
– ICSC-Goldman Store Sales, Week/Week +0.2%. Previous was +2.0%
– ICSC-Goldman Store Sales, Year/Year 1.4%. Previous was +2.7%.

– Redbook Store Sales Year/Year change +2.2%. Previous was +2.3$

– While the cause of this drop was likley the severe weather of the past week, nonethless, it happened.