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Wholesale prices fell sharply in December as inflation eases, but retail sales dropped by the largest margin in a year. Mortgage applications surged 28% week-over-week, while homebuilder sentiment rose for the first time in a year.
Wholesale prices fell sharply in December as inflation eases, but retail sales dropped by the largest margin in a year. Mortgage applications surged 28% week-over-week, while homebuilder sentiment rose for the first time in a year.
Markets in a Minute. A recent Fed survey showed the economy held steady in early January. Some regions experienced modest declines in activity. Prices for wholesale goods and services fell sharply in December, providing another sign that inflation is beginning to ease, though still high. December's retail sales fell by the most in a year, and business equipment production slumped, indicating the economy may be losing momentum. Homebuilder sentiment posted an unexpected gain in January, rising for the first time in 12 months. Single-family home building rebounded with an 11.3% increase in December. Total new home construction fell for a 4th straight month. Mortgage application volume jumped nearly 28% for the week, with purchase apps rising 25% over the previous week. The Last Word. Thanks for watching.
