Weekly Economic Update: September 16-20, 2013

Sep 24 2013

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Industrial production increased 0.4% in August. The topline consumer price index rose 0.1% in August while core CPI also rose 0.1%. Housing starts rose 0.9% to an annualized pace of 891,000 units in August. Building permits fell 3.8% to an annualized pace of 918,000 units in August. The FOMC announced that it will not tape its QE programs, keeping purchases of $40 billion in MBS and $45 billion in long-term Treasuries the same. Existing home sales increased 1.7% to an annual rate of 5,480 million units in August. Initial jobless claims rose 15,000 to 309,000 for the week ended 9/14.

• Industrial production increased 0.4% in August.

• The topline consumer price index rose 0.1% in August while core CPI also rose 0.1%.

• Housing starts rose 0.9% to an annualized pace of 891,000 units in August.

• Building permits fell 3.8% to an annualized pace of 918,000 units in August.

• The FOMC announced that it will not taper its QE programs, keeping purchases of $40 billion in mortgage-backed securities (MBS) and $45 billion in long-term Treasuries the same. Policy rates remained unchanged with the fed funds target rate range of zero to 0.25%.

• Existing home sales increased 1.7% to an annual rate of 5.480 million units in August. Sales were up 13.2% from a year ago, and the median home price was $212,100.

• Initial jobless claims rose 15,000 to a lower-than-expected level of 309,000 for the week ended September 14th. The administrative issue of last week in California and Nevada led to an undercount, but is revised only 2,000 higher to what is still a recover low of 294,000.

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