Here are today’s statistics on the state of the economy:

Lower crude oil prices led the producer price index down -1.0% last month. The core PPI rose 0.2%. On a year-over-year basis, the PPI rose 0.2% at the headline level, and up 2.8% at the core level.

May retail sales fell -0.2%, following a -0.2% decline in April. Ex-autos, retail sales declined -0.4%, and less autos and gas were down -0.1%.

Business inventories rose 0.4%, higher than the 0.2% rise in sales but the stock-to-sales ratio remains a healthy 1.26.

The MBA reports Purchase Applications jumped 18.0% last week, with purchase applications up 13.0%, and re-fis up 19.0%.

~
Dale Franks
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