Economic Data

The NAHB Housing Market Index hit an all-time high of 83 in September

Lumber prices are through the roof which is adding over $16K to the prices of single-family homes

3-month moving averages by region:

West = 85
South = 79
Northeast = 76
Midwest = 72

Retail sales increased 0.6% in August

Increased for a 3rd straight month but steadily declining since June’s surge

Online sales were flat but up 22.4% YoY

Restaurant & bar sales were up 4.7% but still down 15.4% YoY

Gas receipts up 0.4% but -15.4% YoY

Business inventories were up 0.1% in July

Total retail trade inventory rose 1.2%

Motor vehicles & parts dealers saw the largest uptick of 2.7%

Clothing stores had a drawdown of 1.8%

Manufacturers inventory were down 0.5%

*Businesses continue to stay lean on inventory levels

The Fed concluded their 2-day meeting today. Main points:

*Interest rates will stay near zero through at least 2023

*More specifically, they will not rise until we return to “full employment”

*Aiming for inflation to sustain a 2% avg