Last Week in the News October 18, 2010

Last Week in the News October 18, 2010

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending October 8 rose 14.6%. Refinancing applications jumped 21%. Purchase volume fell 8.5%.

The trade deficit increased 8.8% to $46.3 billion in August. Economists had expected the trade deficit to rise to $44.3 billion. Exports rose 0.2% to $153.9 billion. Imports increased 2.1% to $200.2 billion.

The producer price index, which tracks wholesale price inflation, rose 0.4% in September, matching a 0.4% increase in August. Core prices — excluding food and fuel — rose 0.1%, also matching a 0.1% increase in August. For the year, seasonally adjusted wholesale prices are up 4%.

Retail sales rose 0.6% in September after an upwardly revised 0.7% increase in August. Economists had anticipated retail sales to rise 0.5% in September.

Total business inventories rose 0.6% in August, following a revised 1.1% increase in July. Total business sales rose 0.1% in August after a 0.8% increase in July.

Consumer prices rose a seasonally adjusted 0.1% in September, following a 0.3% increase in August. For the year, seasonally adjusted consumer prices are up 1.1%.

The Reuters/University of Michigan consumer sentiment index for October's preliminary reading fell to 67.9 from 68.2 in September.

Initial claims for unemployment benefits rose by 13,000 to 462,000 for the week ending October 9. Continuing claims for the week ending October 2 fell by 112,000 to 4.39 million, the lowest level since November 2008.

Upcoming on the economic calendar are reports on the housing market index on October 18, housing starts on October 19 and the index of leading economic indicators on October 21.

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