The inflation numbers came out this morning and the core index is unchanged.
In the 12 months through October, wholesale prices were up 6.1%, while core inflation was up 2.5% over that period. Both annual figures were the biggest gains registered since September 2005.
Retail sales increased by .2%.
Unfortunately for the economy, analysts see consumer spending slowing, perhaps for several quarters. The surge in gasoline prices has taken money out of the consumer's pocket. Declining home values have made people feel insecure and that may lead them to save money, which would detract from consumer spending.
http://online.wsj.com/article/SB119504543100292732.html?mod=hps_us_whats_news
And on a small note, foreclosure filings were up 30% from last three quarters.
Among metro areas, the highest delinquency rate was found in Stockton, Calif., which totaled 7,116 filings during the three month period, one for every 31 households. Second was the Detroit area with one per 33 households and a total of 25,708. Half the cities in the top 10 were in California.
Several Massachusetts cities experienced huge delinquency jumps during the quarter. Boston filings soared 146 percent to one per every 220 households, Springfield's increased 151 percent (one per 172) and Worchester 122 percent (one per 150).
No inflation. Expect the fed to cut rates again. Markets should be up today.
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