2008-04-16 US Economic Releases

  • MBA Mortgage Applications
  • Bloomberg Global Confidence
  • Consumer Price Index
  • Housing Starts
  • Building Permits
  • Industrial Production
  • Capacity Utilization

2008-04-16 MBAVPRCH Index

MBAVPRCH Index (Apr 11)

Survey n/a
Actual 381.6
Prior 384.7
Revised n/a

Holding in its new, lower range.

2008-04-16 MBAVREFI Index

MBAVREFI Index (Apr 11)

Survey n/a
Actual 2866.0
Prior 2724.7
Revised n/a

Doing ok in this prime time for resets, which are peaking and then falling off.

2008-04-16 Bloomberg Global Confidence

Bloomberg Global Confidence (Apr)

Survey n/a
Actual 14.54
Prior 13.08
Revised n/a

Still down, but signs of a bottom.

In my humble opinion, inflation is ripping, and the Fed’s in a very bad place. April’s food and energy price hikes, along with hosts of others, and the weaker USD all are pointing to an upward surge for prices on a forward looking basis.The Fed’s forecasting models should be showing higher inflation as well.And futures markets continue to be an unreliable forecasting tool for the Fed.

2008-04-16 Consumer Price Index MoM

Consumer Price Index MoM (Mar)

Survey 0.3%
Actual 0.3%
Prior 0.0%
Revised n/a

2008-04-16 CPI Ex Food & Energy MoM

CPI Ex Food & Energy MoM (Mar)

Survey 0.2%
Actual 0.2%
Prior 0.0%
Revised n/a

2008-04-16 Consumer Price Index YoY

Consumer Price Index YoY (Mar)

Survey 4.0%
Actual 4.0%
Prior 4.0%
Revised n/a

2008-04-16 CPI Ex Food & Energy YoY

CPI Ex Food & Energy YoY (Mar)

Survey 2.4%
Actual 2.4%
Prior 2.3%
Revised n/a

From Karim:

Headline/Core divergence->limited passthrough

  • Headline 0.343% and stays at 4% y/y

  • Core rises 0.152% (after 0.04% last month), showing limited pass-through from headline and even more limited pass-through from wholesale level (PPI from yday).

  • Core rises from 2.3% to 2.4%, equates to about 1.9-2.0% on core PCE basis due to measurement differences

  • Food up 0.2% and gas up 1.3%

  • OER up 0.2%, apparel down 1.3%, vehicles down 0.1%

  • Lodging away from home down 0.6% and medical up only 0.1%, a bit below trend

Housing starts not looking good. The glimmer of hope is that prior months have been revised up for the last two reports, so there’s a chance this number could be revised substantially as well.

2008-04-16 Housing Starts

Housing Starts (Mar)

Survey 1010K
Actual 947K
Prior 1065K
Revised 1075K

2008-04-16 Building Permits

Building Permits (Mar)

Survey 970K
Actual 927K
Prior 978K
Revised 984K

From Karim:

Housing data shows drag continuing with at least the same intensity

  • Starts down 11.9%, boding poorly for current GDP

  • Permits down 5.8%, boding poorly for future GDP

  • Best news is not adding to inventories

2008-04-16 Industrial Production

Industrial Production (Mar)

Survey -0.1%
Actual 0.3%
Prior -0.5%
Revised -0.7%

May be due to exports, which are keeping GDP and employment muddling through

2008-04-16 Capacity Utilization

Capacity Utilization (Mar)

Survey 80.3%
Actual 80.5%
Prior 80.9%
Revised 80.3%

Staying too high for the typical recession.