Economic Statistics for 14 Oct 15
The MBA reports that mortgage applications fell -27.6% last week, with purchases down -34.0% and refis down -23.0%. This is the second week after the new disclosure rules were imposed. Last week, apps skyrocketed, so this week’s free-fall actually reflects a return to normalcy.
Producer Prices for Final Demand continued to fall by -0.5% in September, sparking new fears of deflation. Prices ex-food and -energy fell-0.3%, as did prices ex-food, -energy, and -trade services. On a year-over-year basis, PPI-FD is down 01.1% overall, but pieces ex-food and -energy are up 0.8%, and prices ex-food, -energy, and -trade services are up 0.5%.
Retail sales for September rose only a weak 0.1%. Sales less autos fell -0.3%, while sales less autos and gas were unchanged.
Business inventories were unchanged for a second month in August, while sales fell 0.6%, sending the stock-to-sales ratio up to 1.37.
The Fed’s most recent Beige Book on the economy reports that only 3 Fed districts reported “moderate” growth, with 6 reporting “modest” growth, 3 with “slowing” growth, and the Kansas City district reporting economic contraction.