Retail sales fell 0.5% in June. Industrial production was up 0.4% in June.  The consumer price index was unchanged in June.  Housing starts rose 6.9% in June while building permits declined 3.7%, and existing home sales fell 5.4%.  Business
inventories were up 0.3% in May.  Initial jobless claims rose 34,000 to a level of 386,000 for the week ended 7/14.  

• Retail sales unexpectedly declined 0.5% in June.  This marks the third month of declining sales, something that has not happened since the height of the recession in December 2008.  Excluding autos, sales were down 0.4%.
• Industrial production increased 0.4% in June.
• The topline consumer price index was unchanged in June; the core CPI rose 0.2%.
• Housing starts rose by a greater-than-expected 6.9% to an annual pace of 760,000 units in June.
• Building permits fell more than expected in June, declining 3.7% to an annual pace of 755,000 units.
• Existing home sales unexpectedly dropped 5.4% in June to an annual pace of 4.37 million.  The median home price of $189,400 was up 7.9% from a year ago.  Distressed sales accounted for 25% of sales (13% from foreclosures and 12% from short sales).  Sales were up 4.5% from a year ago.
• Business inventories were up 0.3% in May. Initial jobless claims shot up 34,000 to a level of 386,000 for the week ended July 14^th.