2nd Tier Data – not a view changer:

• Starts down 1%, but single-family up 1.7%; multi-family down 13.3%
• Permits down 1.8%, but single-family up 5.8%; multi-family down 25.5%
• PPI -0.9% headline and -0.1% core
• Core PPI has fallen 2 of the past 3mths and as a decent leading indicator of core CPI, probably the most notable feature of this report
• Intermediate stage -0.2% and 0.2%
• Crude stage -4.5% and +2.9%