Generally soft data

Housing

• Starts +0.5% (but prior month revised down 1.8%)
• Single-family starts up 3.9% and multi-family down 15.2%
• Permits (lead starts by 6-9mths) -1.2%
• Single-family permits -3% and multi-family +6%

PPI

• -0.6% headline and -0.1% core
• Intermediate stage 0.2% and 0.9% core; crude stage -2.1% and 3.6% core