Economic Statistics for 14 Jan 15
The MBA reports that falling rates led to an explosion of mortgage applications, up 49.1% last week, with purchases up 24.0% and refis 66.0%.
Retail sales fell a disappointing -0.9% in December. Sales less autos fell -1.0%, while sales less autos and gas fell -0.3%.
Declining oil prices sent export prices down -1.2% in December, while import prices plunged -3.2%. On a year-over-year basis, Export prices are down -2.5% while import prices are down -5.5%.
The Atlanta Fed’s Business Inflation Expectations survey shows inflation expectations of 1.7% in January, down from December’s 1.9%.
Business inventories rose 0.2% in November, while a -0.2% drop in sales left the stock-to-sales ratio at a moderate 1.31.
The Fed’s latest Beige Book says that economic activity continues to expand at a “modest” or “moderate” rate.