It's The Economy Stupid - PPI is up.

Small Business Not as Optimistic as economists think they are.

Producer Prices higher than economists think they were.

Retail Sales are much higher than economists think they were.

 

PPI is UP.  This should be a surprise to nobody.

 

The surprise was Retail Sales.  They exceeded economists’ estimates across the board.  This highlights two very important points:

-       First and foremost, the consumer REALLY matters.

-       Second, economists are really bad at predicting economic numbers.

 

 

Economic Event	Period	Economic Survey	Actual Reported	Original Prior	Revised Prior
NFIB Small Business Optimism	JUL	91.6	91.2	91.4
Producer Price Index (MoM)	JUL	0.2%	0.3%	0.1%
PPI Ex Food & Energy (MoM)	JUL	0.2%	0.4%	0.2%
Producer Price Index (YoY)	JUL	0.5%	0.5%	0.7%
PPI Ex Food & Energy (YoY)	JUL	2.3%	2.5%	2.6%
Advance Retail Sales	JUL	0.3%	0.8%	-0.5%
Retail Sales Less Autos	JUL	0.4%	0.8%	-0.4%
Retail Sales Ex Auto & Gas	JUL	0.5%	0.9%	-0.2%
Retail Sales "Control Group"	JUL	0.5%	0.9%	-0.1%