Advance Retail Sales fell 0.1% in October, a smaller than expected decline. Sales in the “control group,” a component of retail sales used to calculate Gross Domestic Product, were up 0.2%, as expected.
Gas price drop led decline in producer prices
The Producer Price Index unexpectedly dropped 0.5% in October, and the core PPI was flat. Year over year, PPI growth dropped to 1.3% from 2.2% in September, while growth in the core index fell to 2.4% from 2.7%. Most of the decline was due to a 15.3% drop in the price of gasoline.
State of the market
The stronger than expected retail sales results caused rates to rise a bit this morning, and the Dow traded up.
Wednesday, Nov. 15
Empire State Manufacturing Survey
Thursday, Nov. 16
Industrial Production/Capacity Utilization
Philadelphia Fed Manufacturing Business Outlook
Weekly Initial Jobless Claims
Import Price Index
Friday, Nov. 17
Housing Starts/Building Permits
There are no auctions of Treasury notes or bonds the week of Nov. 13.
By Mike Kraft, Executive Director and Commercial Real Estate Treasurer for Commercial Banking
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