Dale Franks’ QandO posts
New home sales came in at an annualized rate of 511,000 in March, at the low end of expectations. Year-over-year sales are up 5.4%.
The Dallas Fed Manufacturing survey fell -0.3 points to -13.9. The orders index, however, rose from 3.3 to 5.8, so the future looks brighter.
The Philadelphia Fed survey plunged from 12.4 to -1.6 in April, returning to it’s long run of negative readings.
The Chicago Fed’s National Activity Index worsened to -0.44 from -0.29. The 3-month average fell from -0.07 to -0.18.
The Conference Board’s index of Leading Indicators rose 0.1% to 0.2% in March.
The FHFA house price index rose 0.4% in February, while the year-on-year rate fell sharply to 5.6% from 6.0%.
Initial weekly jobless claims fell 6,000 to 247,000. The 4-week average fell 4,500 to 260,500. Continuing claims fell 39,000 to 2.127 million.
The Bloomberg Consumer Comfort Index fell -0.7 points to 42.9 in the latest week.
The Fed’s balance sheet fell $-9.6 billion last week, with total assets of $4.490 trillion. Reserve bank credit rose $3.7 billion.
The Fed reports that M2 money supply rose by $0.5 billion in the latest week.
The NAHB Housing Market Index was unchanged at 58 in April.
Housing starts fell a sharp -8.8% in March, to a 1.089 million annual rate, far below expectations.
Redbook reports that last week’s retail sales growth plunged to 0.5% on a year-ago basis, from the previous week’s already-soft 1.1%.
Veni, vidi, vici, b*tches.
This week’s podcast is up on the Podcast page.
Industrial production fell -0.6% in March, for the second month in a row. Capacity utilization in the nation’s factories fell to 74.8%.
The Empire State Manufacturing Survey surged in April, rising from 0.62 to 9.56.
The University of Michigan’s Consumer Sentiment Index fell -1.3 points to 89.7 in April.
Foreign demand for long-term US securities rose by $72.0 Billion in February.
Consumer prices rose 0.1% in March, both at the headline and core rate. On a year-over-year basis, the CPI is up 0.9% overall, and 2.2% less food and energy.
Initial weekly jobless claims fell 13,000 to 253,000. The 4-week average fell 1,500 to 265,000. Continuing claims fell 18,000 to 2.171 million.
The Bloomberg Consumer Comfort Index rose 1.0 point to 43.6 in the latest week.
The Fed’s balance sheet rose $15.7 billion last week, with total assets of $4.5 trillion. Reserve bank credit rose $4.4 billion.
The Fed reports that M2 money supply fell by $33.7 billion in the latest week.
The Fed’s Beige Book reports today that US economic growth remains modest to moderate, though the labor market continues to grow.
March retail sales fell a disappointing -0.3%, though sales less autos rose 0.2% and sales less autos and gas rose 0.1%.
Producer Prices for Final Demand fell -0.1% in March. Prices less food and energy fell -0.1%, and prices less food, energy, and trade services were unchanged. On a year-over-year basis, PPI-FD is down -0.1%, Prices less food and energy are up 1.0%, and prices less food, energy, and trade services are up 0.9%.
Business inventories fell -0.1% in February, but a -0.4% drop in sales kept the stock-to-sales ratio at a high 1.41.
The Atlanta Fed Business Inflation Expectations outlook for the next 12 months dipped -0.1% to 1.7% in April.
The MBA reports that mortgage applications, driven by interest rate drops, rose 10.0% last week, with purchases up 8.0% and refis up 11.0%.
Increased costs for Medicare and especially net interest payments drove the Treasury’s budget deficit in March to $-108.0 billion. The deficit-to-date is 4.9% higher than April 2015.
Import prices rose 0.2% in March, while export prices were unchanged. On a year-over-year basis, import prices are down -6.2% and export prices were down -6.1%.
The NFIB’s Small Business Optimism Index fell -0.3 points to 92.6 in March.
Redbook reports that last week’s retail sales growth rose to a still-weak 1.1% on a year-ago basis, from the previous week’s 0.6%.