Overview: Housing starts fell 10% in May as building permits declined 5.9%.  The topline PPI fell 0.3% while the core PPI rose 0.2%.  The topline CPI fell 0.2% while the core CPI rose 0.1%.  Industrial production increased 1.2% in May.  The U.S. current account balance widened $8.1 billion to $109 billion in the 1^st quarter.  Initial jobless claims rose by 12,000 to a level of 472,000 for the week ended 6/12.

Housing starts fell 10% to an annual pace of 593,000 units in May.  Both housing starts and building permit declines were impacted by the April 30^th expiration of the homebuyer tax credit.

Building permits declined 5.9% to an annual rate of 574,000 units in May.  This marks the lowest level of permits in a year.

The topline producer price index fell 0.3% in May; the core PPI rose 0.2%.  A decline in energy prices contributed to the topline PPI and CPI declines.

The topline consumer price index fell 0.2% in May; the core CPI rose 0.1%.

Industrial production rose 1.2% in May. With continued growth in output (to which stimulus has had a significant, though declining impact), manufacturers appear to be leading the recovery.

The U.S. current account balance widened by $8.1 billion to $109.0 billion in the 1^st quarter of 2010. This follows a sharp narrowing of the current account deficit by 43.3% in 2009.

Initial jobless claims increased by 12,000 to 472,000 for the week ended June 12^th.