Free Markets, Free People

Economic Statistics for 14 Nov 12

The following US economic statistics were announced today:

The MBA reports that mortgage applications rose 12.6% last week, with purchases up 11% and refinancings up 13%. This is a very big swing, but weekly data is prone to this kind of volatility.

Business inventories rose 0.7% in September for the third monthly gain in a row. Thanks to strong September sales, which were up 1.4%, the inventory-to-sales ratio tightened a notch to 1.28.

The producer price index in October posted an unexpected –0.2% decline. The core rate, which excludes both food and energy, also fell –0.2%. On a year-over-year basis, the overall PPI is up 2.3%, and the core rate is up 2.1%.

Retail sales in October fell –3.0%. Ex-autos, sales were unchanged. Ex-Gas and autos, sales were down –3.0%. In general, the core sales components were softer for the month.

Dale Franks
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