· Advance estimates of retail and food services sales for October were up 0.2% from September, and were up 4.6% from October 2016, according to the U.S. Census Bureau. Excluding motor vehicle & parts, retail sales were up 0.1% from September, and were up 4.3% from a year ago. Year-to-date, retail sales were up 4.0% from the first 10 months of 2016.
· Total manufacturing and trade sales for September were up 1.4% from August, while inventories were up less than 0.1%, according to the U.S. Census Bureau. The total business inventories/sales ratio was 1.36, compared with 1.40 in September 2016.
· Total Industrial production increased 0.9% in October, following a 0.4% increase in the previous month. Total industrial production in October was 2.9% above its level a year earlier. The rate of capacity utilization increased 0.4 percentage point to 77.0%, 2.9 percentage points below its 1972-2016 average.
· The federal government budget ran a deficit of $63.2 billion in October, following a surplus of $8.0 billion in the previous month. The deficit was $45.8 billion in October 2016.
· Housing starts in October were up 13.7% from the previous month, but were down 2.9% from October 2016. Building permits in October were up 5.9% from September, and were up 0.9% from a year ago.
· The housing market index of National Association of Home Builders (NAHB) and Wells Fargo increased 2 points to 70 in November. The Index was 67 in January 2017, and 63 in November of 2016.
· The results of Freddie Mac’s Primary Mortgage Market Survey showed mortgage rates moving higher. 30-year fixed-rate mortgage averaged 3.57% for the week ending November 10th, up from last week when it averaged 3.54%. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.98%.
· Mortgage applications increased 3.1% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending November 10th.
· The consumer price index increased 0.1% in October, following a 0.5% increase in the previous month. The core index increased 0.2%, following a 0.1% increase as in the previous month. The consumer price index increased 2.0% for the 12-month period ending in October, while the core index rose 1.8%.
· The producer price index for total final demand increased 0.4% in October, while the index for final demand less foods, energy, and trade increased 0.2%. The producer price index for final demand increased 2.8% from October 2016 to October 2017.
· The import price index increased 0.2% in October, while the export price index held steady. The import price index increased 2.5% from October 2016 to October 2017, while the price index for exports increased 2.7%.
· The advance figure for initial claims for unemployment insurance was 249 thousand in the week ending November 11, an increase of 10 thousand from the previous week’s unrevised level. The 4-week moving average was 237.75 thousand, an increase of 6.5 thousand from the previous week’s average.
· Real average hourly earnings for all employees decreased 0.1% from September to October. This result stems from no change in average hourly earnings combined with a 0.1% increase in the consumer price index.
· The November 2017 Empire State Manufacturing Survey indicated that business activity continued to grow strongly in New York State. The headline index was 19.4 in November, compared with 30.2 in October.
· The Philadelphia FED business outlook survey indicated that regional manufacturing activity continued to expand in November. The headline index was 22.7 in November, compared with 27.9 in October.