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ECON: Retail Sales Weaker Than Expected
Posted to: Micro News
Wednesday, November 14, 2012 8:51 AM

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- Retail Sales down -0.3 pct vs -0.2 pct consensus and +1.3 pct in September. Markets expected weaker results as the end of October was impacted by Hurricane Sandy, but even when the most affected sectors are factored out, the results were still weaker-than-expected.

The Commerce department noted the effects of the Hurricane, but said those effects cannot be isolated and had received indications of both positive and negative effects on sales.

The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for October, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $411.6 billion, a decrease of 0.3 percent (±0.5%)* from the previous month, but 3.8 percent (±0.7%) above October 2011. Total sales for the August through October 2012 period were up 4.7 percent (±0.5%) from the same period a year ago. The August to September 2012 percent change was revised from 1.1 percent (±0.5%) to 1.3 percent (±0.2%).

Retail trade sales were down 0.3 percent (±0.5%)* from September 2012, but 3.8 percent (±0.8%) above last year. Gasoline stations sales were up 7.7 percent (±1.7%) from October 2011 and nonstore retailers were up 7.2 percent (±3.0%) from last year.

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Mortgage Rates:
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  • 15 Yr FRM 2.93%
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  • Jumbo 30 Year Fixed 3.60%
MBS Prices:
  • 30YR FNMA 4.5 108-30 (-0-02)
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  • 30YR FNMA 5.0 110-20 (0-01)
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  • 30YR FNMA 5.5 111-28 (0-00)
Recent Housing Data:
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  • Refinance Index 11.33%
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  • Purchase Index 8.43%