Questions and Observations

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

The MBA says soaring mortgage rates sent applications tumbling -9.8%, with purchases down -3.0% and re-fis down -12.0%.

Existing home sales rose 0.6% in April to a 4.97 Million annual rate, up 9.7% from a year ago.

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Dale Franks
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Weekly retail sales are the only economic news today. ICSC-Goldman is showing some strength, with a 0.2% rate of weekly sales growth, and 3.1% year-over-year growth. Conversely, Redbook is still showing weakness, with year-on-year sales growth dropping to 2.4%.

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

The Chicago Fed National Activity Index slipped to -0.53 in April from -0.23 in March. The 3 Month Moving Average fell from -0.01 to -0.04.

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

The Conference Board’s index of leading indicators rose 0.6% in April, much stronger than expected.

The Reuter’s/University of Michigan’s consumer sentiment index jumped sharply from 76.4 to 83.7 in May.

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

The Consumer Price Index fell -0.4% in April, but rose 0.1% ex-food and -energy. On a year-over-year basis, the headline CPI is up 1.1% and the core is up 1.7%.

April housing starts fell -16.5% to a 0.853 million annual rate. Housing permits, conversely, jumped 14.3% to a 1.017 million annual rate.

Initial jobless claims rose 32,000 to 360,000, and the 4-week average rose 1,250 to 339,250. Continuing claims fell 4,000 to 3.009 million.

The Bloomberg Consumer Comfort Index slipped half a point to -30.2 in the latest week.

The Philadelphia Fed Survey slipped into negative territory in May, falling from 1.3 to -5.2.

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

The MBA reports that mortgage applications fell a sharp -7.3%. Purchases fell -4.0% while re-fis fell -8.0%.

The Producer Price Index fell -0.7% in April, but the core rate—less food and energy—rose 0.1%. On a year-over year basis, the PPI 0.1% while the care rate rose 1.7%.

The Empire State Manufacturing Survey fell more than 4 points to -1.43 in April.

The Treasury reports that the net outflow of capital from the US was $-13.5 billion in March. Foreign accounts bought a net $15.3 billion of US securities, while US accounts bought $28.8 billion of foreign securities.

The Fed reports that Industrial Production fell -0.5% in April, as capacity utilization in the nation’s factories fell to 77.8%.

The Housing Market Index rose 2 points to 44 in May.

E-Commerce sales rose 2.7% in the 1st Quarter of 2013, down from 4.4% in the 4th Quarter of 2012.

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

The NFIB Small Business Optimism Index rose 2.6 points to 92.1 in April.

April export prices fell -0.7% and import prices fell -0.5%. On a year-over-year basis, export prices fell 0.9% while import prices fell -2.6%.

ICSC Goldman reports weekly retail sales fell -2.0%, and are up only 1.2% from a year ago. Redbook’s year-over-year sales growth reading improved to 2.8%.

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

Retail sales rose 0.1% in April, but fell -0.1% ex-autos. But, ex-autos and gas, sales rose 0.6%.

Business inventories were unchanged in March, resulting in a 1.1% build in inventories for the quarter. Sales were up 0.6% for the quarter, the weakest of the recovery.

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

Chain stores are reporting April sales that are at the high end of guidance, and with stronger year-on-year sales growth rates than in March.

The Bloomberg Consumer Comfort Index fell slightly to -29.5, but remains at the highest level since early 2008.

Wholesale inventories rose 0.4% in March, while a 1.6% plunge in sales drove the stock-to-sales ratio to a recovery high of 1.21.

Jobless claims fell 4,000 to 323,000, and the 4-week average fell 6,250 to 336,750. Continuing claims fell 27,000 to 3.005 million.

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Dale Franks
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On another slow day for the economic calendar, this is what we got:

The MBA reports that mortgage applications surged last week, with purchases up 2.0% and re-fis up 8.0%.

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Dale Franks
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