The Independent Market Observer

Economic Release Snapshot: Retail Sales Remain Strong as Housing Slows

Posted by Sam Millette

This entry was posted on Nov 21, 2022 9:26:17 AM

and tagged In the News

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Monday UpdateEach week, we break down the latest U.S. economic reports, including what the results mean for the overall health of the economy. Here, you will find how economists’ forecasts compare with actual results, key takeaways to consider, as well as a list of what’s on tap for the week ahead. 

Reports for the Week of November 14

Producer Price Index, October (Tuesday)

  • Prior monthly PPI/core PPI growth: +0.2%/+0.2%
  • Expected monthly PPI/core PPI growth: +0.4%/+0.3%
  • Actual monthly PPI/core PPI growth: +0.2%/+0.0%
  • Prior year-over-year PPI/core PPI growth: +8.4%/+7.1%
  • Expected year-over-year PPI/core PPI growth: +8.3%/+7.2%
  • Actual year-over-year PPI/core PPI growth: +8.0%/+6.7%
Producer prices increased less than expected during the month, echoing a similar slowdown in consumer price growth.

Retail sales, October (Wednesday)

  • Expected/prior month retail sales monthly change: +1.0%/+0.0%
  • Actual retail sales monthly change: +1.3%
  • Expected/prior month core retail sales monthly change: +0.2%/+0.6%
  • Actual core retail sales monthly change: +0.9%

Both headline and core retail sales growth came in above expectations in October, signaling continued resilience for the American consumer.

National Association of Home Builders Housing Market Index, November (Wednesday)

  • Expected/prior month sentiment: 36/38
  • Actual sentiment: 33

Home builder sentiment dropped more than expected in November, marking 11 consecutive months of declining home builder confidence.

Housing starts and building permits, October (Thursday)

  • Expected/prior month housing starts monthly change: –2.0%/–1.3%
  • Actual housing starts monthly change: –4.2%
  • Expected/prior month building permits monthly change: –3.2%/+1.4%
  • Actual building permits monthly change: –2.4%

Both housing starts and building permits declined during the month, highlighting the headwinds currently facing the home building industry.

Existing home sales, October (Friday)

  • Expected/prior month existing home sales monthly change: –6.6%/–1.5%
  • Actual existing home sales monthly change: –5.9%

Existing home sales fell less than expected in October. This now marks 10 consecutive months of declining home sales as rising prices and mortgage rates continue to cool the housing sector.

Upcoming Reports for the Week of November 21

Durable goods orders, October preliminary (Wednesday)

Business spending is set to increase for the third consecutive month in October.

FOMC meeting minutes (Wednesday)

The minutes from the most recent November FOMC meeting will be released on Wednesday. Economists and investors will look to the minutes for any hints on the future path of monetary policy.

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