Succinct Summations of Week’s Events for 6.17.2016

June 17, 2016 4:30pm by

Succinct Summations for the week ending June 17th 2016

Positives:

1. Retail sales rose 0.5% month over month, above the 0.3% expected increase. Retail less auto & gas rose 0.3% m/o/m.
2. Import prices are down 5% y/o/y, but rose 1.4% m/o/m, the largest monthly increase in 4 years.
3. PPI-FD rose 0.4%, the highest reading since May 2015. This along with import prices suggests inflation might be picking up.
4. Housing starts rose to an SAAR of 1.164M, above the 1.164M expected.
5. CPI rose just 0.2% m/o/m, so import prices and PPI are not showing up just yet.
6. Strong retail sales curbed the business inventory buildup to just a 0.1% increase m/o/m.
7. NFIB Small Business Optimism Index came in at 93.8, slightly above expectations.

Negatives:

1. Industrial production fell 0.4% m/o/m. The manufacturing component 0.4% as well.
2. U.S. stocks fell for the second straight week.
3. Jobless claims rose to 277k, up from 264k previously.
4. MBA mortgage application composite index fell 2.4% w/o/w, despite mortgage rates falling to their lowest level since January 2015.
5. Housing permits came in at an SAAR of 1.138M, up from the prior reading of 1.116M. However this is down 10.1% y/o/y.

Thanks, Mike!

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