8/12/2022 – MetroIntelligence Economic Update by P. DUFFY
MetroIntelligence Economic Update by P. DUFFY
Inflation tracker Producer Price Index fell 0.5 percent in July but up 9.8 percent year-on-year
The Producer Price Index for final demand fell 0.5 percent in July, and rose 9.8 percent year-on-year. This decline followed advances of 1.0 percent in June and 0.8 percent in May. Prices for final demand less foods, energy, and trade services moved up 0.2 percent in July following a 0.3-percent rise in June. For the 12 months ended in July, the index for final demand less foods, energy, and trade services increased 5.8 percent.
Consumer Price Index unchanged in July but up 8.5 percent year-on-year
The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in July on a seasonally adjusted basis after rising 1.3 percent in June. Over the last 12 months, the all items index increased 8.5 percent before seasonal adjustment. The index for all items less food and energy rose 0.3 percent in July, a smaller increase than in
April, May, or June, and rose 5.9 percent year-on-year.
Purchase loan applications fall 1 percent from previous week but down 19 percent year-on-year
The Market Composite Index for mortgage applications increased 0.2 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling 1 percent (and down 19 percent year-on-year) and refinance activity rising 4 percent (but down 81 percent year-on-year). The average contract interest rate for 30-year fixed-rate mortgages increased to 5.47 percent from 5.43 percent.