Mortgage Apps, Retail Sales and CPI
Here’s the really significant number (that’s not so much): CPI came in at 1.7% annual. Like I said, it’s a significant economic number, but not a significant number. At any rate, we’ve been stuck on 1.7% for a while. The CPI number is not increasing, it’s not decreasing. It’s 1.7%. But let’s make sure we understand. That still means that PRICES ARE INCREASING, that on average they are increasing at 1.7% annually. Most of what you hear about inflation from the talking heads on TV is just noise.
Mortgage Applications dropped 2.3%. So -2.3% versus -1.8% in Mortgage Applications in the last two weeks. Let’s hope it’s seasonal.
Retail Sales are basically moving along at the same rate of increase, 0.3% to 0.4%. Let’s hope the November and December numbers are much better.
Economic Event | Period | Economic Survey | Actual Reported | Original Prior | Revised Prior |
MBA Mortgage Applications | Nov 15 | -- | -2.3% | -1.8% | -- |
Retail Sales Advance MoM | Oct | 0.1% | 0.4% | -0.1% | 0.0% |
Retail Sales Ex Auto MoM | Oct | 0.1% | 0.2% | 0.4% | 0.3% |
Retail Sales Ex Auto and Gas | Oct | 0.2% | 0.3% | 0.4% | 0.3% |
Retail Sales Control Group | Oct | 0.3% | 0.4% | 0.4% | 0.3% |
CPI MoM | Oct | 0.0% | -0.1% | 0.2% | -- |
CPI Ex Food and Energy MoM | Oct | 0.1% | 0.1% | 0.1% | -- |
CPI YoY | Oct | 1.0% | 1.0% | 1.2% | -- |
CPI Ex Food and Energy YoY | Oct | 1.7% | 1.7% | 1.7% | -- |
CPI Core Index SA | Oct | 234.938 | 234.877 | 234.589 | -- |
CPI Index NSA | Oct | 233.6 | 233.546 | 234.149 | -- |
Existing Home Sales | Oct | 5.14M | -- | 5.29M | -- |
Existing Home Sales MoM | Oct | -0.029 | -- | -0.019 | -- |
Business Inventories | Sep | 0.003 | -- | 0.003 | -- |
John Broussard
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury
225-342-0013
jbroussard@treasury.state.la.us
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