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Representative David Schweikert - Vice Chairman

Weekly Economic Update: December 13-17, 2010

Weekly Economic Update: December 13-17, 2010

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Overview:  Retail sales rose 0.8% in November.  The topline PPI rose 0.8% in November while the core PPI increased 0.3%.  The topline and core CPI edged up 0.1% in November.  The Fed held constant its 0.0%-0.25% target for the federal funds rate.  Industrial production increased 0.4% in November.  Housing starts rose 3.9% in November while building permits fell 4.0%.  The current account balance widened $4.0 billion in the 3rd quarter.  Initial jobless claims edged down 3,000 to a level of 420,000 for the week ended 12/11.

Retail sales rose 0.8% in November; excluding autos, sales were up 1.2%.

The topline producer price index rose 0.8% while the core PPI rose 0.3% in November.

Both the topline and core consumer price indices edged up 0.1% in November.

The Fed held constant its target range for the federal funds rate at 0.0%-0.25%.

Industrial production rose 0.4% in November.

Housing starts rose by a greater-than-expected 3.9% to an annual pace of 555,000 units in November.

Building permits unexpectedly fell 4.0% to an annual pace of 530,000 units.

The current account balance widened by $4.0 billion to $127.2 billion in the 3rd quarter.

Initial jobless claims edged down 3,000 to 420,000 for the week ended December 11th.  ?

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