Still below the Fed’s target and ‘core’ moving down a bit year over year:

Consumer Price Index

Housing starts better than expected, permits up a bit and last month’s revised down a bit.

And, of course, no house legally gets built without a prior permit and the chart isn’t looking promising:

Housing Starts

Still down and out:

And E commerce retail sales growth is working its way lower as well:

Note the % change this year vs last year chart, which takes out all the ‘seasonal’ factors, remains negative:

Industrial Production

The two Feds are somewhat divergent. And I still don’t see the credit expansion required to offset savings desires: