Free Markets, Free People

Economic Statistics for 14 Oct 16

Producer Prices for Final Demand (PPI-FD) rose 0.3% in September. PPI-FD less food and energy rose 0.2%, and 0.3% less food energy and trade services. on a year-over-year basis, PPI-FD is up 0.7% overall, 1.2% less food and energy, and 1.5% less food energy and trade services.

Retail sales rose a solid 0.6% in September, with sales less autos up 0.5%, and sales less autos and gas up 0.3%.

The Treasury’s budget showed a $33.4 billion surplus in September, but the FY2016 deficit rose 34% to $587.4 billion. Receipts rose only 0.6% as corporate income taxes fell 12.9%. and individual income taxes rose only 0.3%. Spending rose 4.5% in the year, led by an 8.8% rise in Medicare.

Business inventories rose 0.2%, in line with a 0.2% rise in sales that left the stock-to-sales ratio unchanged at 1.39.

The University of Michigan’s Consumer Sentiment Index plunged -3.3 points to 87.9 for September.

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