Weekly Information 12/17

Mortgage interest rates increased again this past week as economic data was mostly better than expected. Reports stronger than expected included November Retail Sales, the December Empire State Manufacturing Index, November Industrial Production and Capacity Utilization, weekly jobless claims, and the Philadelphia Fed Business Index. The November Producer Price Index (PPI), a measure of wholesale prices, increased more than expected, up 0.8% on expectations of an increase of 0.5%. The November Consumer Price Index (CPI) increased 0.1%, slightly less than expected. Housing data, though, did not meet expectations. November Housing Starts were up 3.9%on expectations that starts would be up 4.8%. November Building Permits were down 4.0% on expectations that they would be up 2.5%.