A 16 year low: Housing Starts; Building Permits; PPI

Summary: The Housing debacle dives to a 16 year low with no bottom in sight.

PPI screams continuing double digit stagflation across the board.

Housing Starts Feb -0.6% 1.065M vs prior 1.012M Full Report

Inside the number: YOY -28,4%; YTD -26.9%. SFR starts -6.7% at 707K, the lowest since Jan 1991; YOY -40.5%; YTD -37.9%.

Building Permits Feb --7.8% 978K vs prior 1.061M hitting a 16 year low and signaling the decline will continue.

YOY -36.5%; YTD -33.4%. SFR permits -6.2%; YOY -41.9%; YTD -40.3%.

PPI Feb +0.3% vs prior 1.0% Full Report

Inside the number: Core PPI Feb +0.5% vs prior +0.4%. Sequential: Energy +0.8%; Grocery +0.9%; Intermediate goods +0.8%; Crude goods +3.7%

Consumer non durable goods less food & energy +0.7%; From 1 year ago: Intermediate goods +8.8%; Crude goods +24.6%; Nonfood materials ex fuel +40.3%.

Core PPI ex food & energy is at 6%; Finished consumer goods less food +0.7%; YOY +11.5%.

We rest our case & repeat: ANYONE who claims stagflation is running less than double digits is either a liar, a fool or both.