Economic Statistics for 14 Nov 14
October retail sales were up 0.3% overall. Sales less autos were up 0.3% as well, while sales less autos and gas rose 0.6%.
Export prices fell -1.0% on October, while import prices fell -1.3%. On a year-over-year basis, export prices have fallen -0.8%, while import prices have fallen -1.8%. Cross-border prices are clearly deflationary, and are beginning to feed into the price of finished goods. With interest rates already at 0%, it’s difficult to see what monetary policy measures are available to counteract this trend.
The Reuter’s/University of Michigan’s consumer sentiment index is up 2.5 points t0 39.4 for November’s preliminary reading. This is the highest level for the index since 2007.
Business inventories rose 0.3% in September, while flat sales left the stock-to-sales ratio at 1.30.