-PPI Month/Month: +0.2%
-PPI Year/Year: 7.2%
-Core PPI Month/Month (less food & energy): +0.4%
-Core PPI Year/Year (less food & energy):+2.5%
-Core inflation is too high considering depressed economy.
-Let’s not judge effect until we see CPI tomorrow.
-Business has displayed a tendency to absorb wholesale costs and, with corporate profits so high, should be able to do so at present.
MBA Mortgage Applications
-Purchase Index Week/Week: -9.1%
-Refinance Index – Week/Week: 8.0%
-Composite Index – Week/Week: 4.1%
-Refinancing is up because rates are down but the Purchase Index indicates the fact that the housing sector remains quite ill. Blame hard times and tougher qualification standards.