It’s not a big day for economic releases today, so we get a bit of a breather from major releases.

The Mortgage Bankers Association reports that their composite index fell once again, as mortgage applications dropped –4.9%, despite low interest rate.  Purchase applications actually increased by 0.2%, but re-fi apps fell –6.3%.

In retail sales for the week, ICSC-Goldman reports same-store sales fell steeply by 0.7% last week to pull down the year-on-year rate to 2.7%. Conversely, Redbook reports same-store year-on-year rose sharply by 0.9% last week, for a 4.9% rate.

UPDATE: The afternoon release of the Fed’s "Beige Book", prepared for the September 20-21 FOMC meeting, shows that the economy continues to expand at a "modest pace." Some Districts noted mixed or weakening activity, however the Fed believes that a double-dip recession is not in the offing. Overall, the report indicates that a sluggish recovery continues.

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Dale Franks
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