Not that there was much of it, but economic data took a backseat last week as investors were understandably more concerned with their portfolios. Regardless, there were some important reports, most of which did not meet expectations.
Inflation data—PPI on Tuesday, CPI on Wednesday, and Import/Export Prices on Friday—was the main focus point of the week. Of these reports three were weaker than expected, two were inline, and only one beat expectations. Small business optimism came in weaker and lower than expectations, but should not be a cause for concern as it still sits at above average levels. Jobless claims was a similar story. Even though it came in with a rare weaker reading, it is still at healthy levels.
This week things get a little bit busier with 17 US releases scheduled. Retail Sales for September kicked off the week earlier today slightly worse than forecasted. Sales grew, but just barely so. Fortunately, the core measure did beat estimates and the previous reading. Business Inventories also released this morning inline with estimates.
Looking towards the rest of this week, the main focus will center around housing. The National Association of Home Builders Housing Market Index releases tomorrow followed by Housing Starts and Building Permits on Wednesday. Existing Home Sales will close out the week on Friday morning. Also on the docket is the JOLTS report tomorrow and the Philly Fed Manufacturing Index and Leading Index on Thursday.
As always, you can find the day’s economic releases in our Economic Monitor.