Weekly Economic Update: Nov. 15-19, 2010
Overview: Retail sales rose 1.2% in October. The topline PPI rose 0.4% in October while the core PPI fell 0.6%. The topline CPI rose 0.2% in October; the core CPI was unchanged. Industrial production was flat in October. Housing starts fell 11.7% in October as building permits edged up 0.5%. Business inventories rose 0.9% in September. Initial jobless claims rose by 2,000 to a level of 439,000 for the week ended 11/13.
Buoyed by auto sales, retail sales rose by a greater-than-expected 1.2% in October; excluding autos sales were up 0.4%.This marks the 4th straight month of sales increases, and the largest rise since March.
The topline producer price index rose 0.4% in October while the core PPI fell 0.6%. The decline in the core PPI was the largest in over four years.
The topline consumer price index rose 0.2% in October; the core CPI was unchanged. The year-over-year increase of just 0.6% in the core CPI marks the smallest rise since the index began in 1957.
Industrial production was unchanged in October.
Housing starts surprised on the downside with an 11.7% decrease to an annual pace of 519,000 units.
Building permits edged up 0.5% to an annual pace of 550,000 units in October.
Business inventories increased 0.9% in September.
Initial jobless claims rose by 2,000 to 439,000 for the week ended November 13th.