Dale Franks’ QandO posts
Consumer prices were unchanged at the headline level in October, while prices less food and energy rose 0.2%. On a year-over-year basis, the CPI is up 1.7%, while the core rate is up 1.8%.
Markit’s PMI Manufacturing Index Flash for November is down 1.8 points from October’s final reading, coming in at 54.7.
The Philadelphia Fed Survey surged a spectacular 20.1 points to 40.8, contrasting wildly with the falling PMI Manufacturing flash.
Existing home sales rose 1.5% in October to a 5.260 million annual rate.
The Conference Board’s index of leading indicators rose a very strong 0.9% in October, following September’s 0.8% increase.
Initial weekly jobless claims fell 2,000 to 291,000. The 4-week average rose 2,500 to 287,500. Continuing claims fell 73,000 to 2.330 million.
The Bloomberg Consumer Comfort Index rose 0.3 points to 38.5 in the latest week, the highest since January, 2008.
The Fed’s balance sheet rose $3.9 billion last week, with total assets of $4.493 trillion. Reserve bank credit rose $14.8 billion.
The Fed reports that M2 money supply rose by $63.5 billion in the latest week.
ICSC-Goldman reports weekly retail sales rose 0.2%, and rose 2.2% on a year-over-year basis. Redbook reports retail sales rose 3.9% on a year-ago basis.
Final demand producer prices rose 0.2% overall in October, while prices less food and energy rose 0.4%. On a year-over-year basis, the PPI-FD is up 1.5% at the headline level, and up 1.7% at the core. In October, goods prices declined -0.4% while services prices rose 0.5%. On a year-over-year basis, both goods and services prices have risen 1.6%.
The NAHB Housing Market Index rose 3 points in November to 58.0.
E-commerce retail sales for the 3rd Quarter of 2014 rose 4.0%, compared to 4.9% in the previous quarter.
Very heavy foreign buying resulted in a net inflow of $164.3 billion in long term US securities in September.
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October retail sales were up 0.3% overall. Sales less autos were up 0.3% as well, while sales less autos and gas rose 0.6%.
Export prices fell -1.0% on October, while import prices fell -1.3%. On a year-over-year basis, export prices have fallen -0.8%, while import prices have fallen -1.8%. Cross-border prices are clearly deflationary, and are beginning to feed into the price of finished goods. With interest rates already at 0%, it’s difficult to see what monetary policy measures are available to counteract this trend.
The Reuter’s/University of Michigan’s consumer sentiment index is up 2.5 points t0 39.4 for November’s preliminary reading. This is the highest level for the index since 2007.
Business inventories rose 0.3% in September, while flat sales left the stock-to-sales ratio at 1.30.
The Bloomberg Consumer Comfort Index rose 0.1 points to 38.2 in the latest week.
Initial weekly jobless claims rose 12,000 to 290,000. The 4-week average rose 6,000 to 285,000. Continuing claims rose 36,000 to 2.373 million.
The Labor Department’s Job Openings and Labor Turnover Survey showed 4.7 million job openings on the last business day of September.
The U.S. Treasury monthly budget report for October shows the new fiscal year starting with a deficit of $-127.1 billion.
The Fed’s balance sheet rose $2.3 billion last week, with total assets of 4.489 trillion. Reserve bank credit rose $2.448 billion.
The Fed reports that M2 money supply fell by $-65.7 billion in the latest week.
The MBA reports that mortgage applications fell -0.9% last week, with purchases up 1.0% but refis down -11%.
The Atlanta Fed Business Inflation Expectations nudged up 0.1% in October, with businesses expecting 2.0% inflation over the next year.
Wholesale inventories rose 0.3% in September, while a 0.2% rise in wholesale sales left the stock-to-sales ratio at 1.19.