Bad news from the United States Department of Commerce: according to the data released, in fact, the real estate market is at a standstill, as are retail sales and the production price index.
REAL ESTATE MARKET -- According to the Department, U.S. New Home Sales remained unchanged last month at 288.000. Economists had expected an increase to 291.000. The July figure was revised up from 276.000 to 288.000. The average selling price fell 1,2% year-over-year in August to $204.700.
SALES – A still distant recovery also with regard to retail sales, which were also unchanged in August. The umpteenth demonstration that with such a high unemployment rate, consumption is affected. The figure was unchanged from the previous month at $389,50 billion, while analysts had expected a 0,3 percent increase. The July index was revised downwards to an increase of 0,3 per cent (against 0,5 per cent in the first estimate).
PRODUCTION PRICES – In August, the US producer price index remained the same as in July, when it had risen by 0,2%. In June, the indicator had reported a decline of 0,4%. According to reports from the Labor Department, the index that measures the prices paid for finished goods therefore did not report any changes, in line with economists' expectations. Breaking down the index, the core component – which excludes food prices – grew by 0,1%. Analysts were expecting growth of 0,2%.
The data shows that the producer price index for energy lost 0,1%, the third consecutive monthly decline.
While wholesale car prices fell by 0,4%. On the other hand, production prices of goods linked to crude oil are growing, up by 0,2% in August
