Producer Price Index MoM (Feb)
PPI Ex Food & Energy MoM (Feb)
Producer Price Index YoY (Feb)
PPI Ex Food & Energy YoY (Feb)
Troubling as the Fed has indicated it’s getting passed through to core CPI measures.
Housing Starts (Feb)
More indications of a possible bottom in housing, meaning it won’t be subtracting as much from GDP for the rest of the year.
Housing starts fall 0.6% in Feb, but January revised higher by 5.8%.
One notable trend is single vs multi-family starts. The latter has now risen for 3 straight months, whereas the former continues to decline across most regions. A couple explanations out there-foreclosures, real income weakness driving trend towards apartments/condos vs homes.
Permits fall another 7.8%; suggesting more declines in housing contribution to GDP going forward.
Margin squeeze evident in PPI as headline rises 0.3% and core by 0.5%.
Building Permits (Feb)
Looking down, but the prior revision might be more relevant.
FOMC Rate Decision (Mar 18)
ABC Consumer Confidence (Mar 16)
Yet another chart that may have bottomed?