Building Permits; PPI July
Summary: Headline reads building permits decline less than expected,
under the sheets, housing starts at a 17 year low, SFR building permits off 41% YTD.
Headline reads oil prices have dropped 21% since last month, under the sheets, double digit stagflation raging with...
the largest Yoy gain in PPI since 1981 and the largest Yoy gain in the mythical core ex food & energy since 1991.
Building Permits Jul -17.7% 937K vs 1138K Full Report
Inside the number: Yoy -32.4%; YTD -32.3%. SFR -5.2% at 584K; Yoy -41.4%; YTD -40.7%.
Housing Starts-11% Jul 965K vs 1084K; Yoy -29.6%; YTD -30%. SFR -2.9% at 641K; Yoy -39.2%; YTD -40.2%
PPI Jul +1.2% vs +1.8% Full Report
Inside the number: Intermediate goods +2.7%; crude goods +4.2%. Ex food & energy Core PPI Jul +0.7% vs +0.2%.
Yoy: Core +3.5%; intermediate +16.6%; crude goods +51.2%; all goods +9.8%.
We gently repeat one of our mantras: ANYONE claiming that inflation is less than double digits, is either a paid liar, a fool, or both.
under the sheets, housing starts at a 17 year low, SFR building permits off 41% YTD.
Headline reads oil prices have dropped 21% since last month, under the sheets, double digit stagflation raging with...
the largest Yoy gain in PPI since 1981 and the largest Yoy gain in the mythical core ex food & energy since 1991.
Building Permits Jul -17.7% 937K vs 1138K Full Report
Inside the number: Yoy -32.4%; YTD -32.3%. SFR -5.2% at 584K; Yoy -41.4%; YTD -40.7%.
Housing Starts-11% Jul 965K vs 1084K; Yoy -29.6%; YTD -30%. SFR -2.9% at 641K; Yoy -39.2%; YTD -40.2%
PPI Jul +1.2% vs +1.8% Full Report
Inside the number: Intermediate goods +2.7%; crude goods +4.2%. Ex food & energy Core PPI Jul +0.7% vs +0.2%.
Yoy: Core +3.5%; intermediate +16.6%; crude goods +51.2%; all goods +9.8%.
We gently repeat one of our mantras: ANYONE claiming that inflation is less than double digits, is either a paid liar, a fool, or both.
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