November’s Retail Sales increased last month by only 0.1%, less that the 0.3% expected. That brings the year-over-year number to an increase of 3.4% from last November, and right in line with the average over the last five years. An interesting sidebar here is that online retail business increased 15% year-over-year, while big-box sales are down 6.1% over the same period.
Another interesting statistic is that the cost to produce goods rose 0.4% last month and is only up 1.3% from this time last year. The Consumer Price Index will be released tomorrow, but will most likely be drown out with the scrutiny over today’s Fed rate hike and subsequent policy statement.
Where it’s a given that the Fed will raise their rate, I don’t see it impacting our 30 year mortgage rates much.