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AP
Consumer Prices Fall in September
Wednesday October 18, 8:42 am ET
By Martin Crutsinger, AP Economics Writer
Consumer Prices Fall in September by the Largest Amount in 10 Months, Labor Department Says
WASHINGTON (AP) -- Consumer prices, helped by big declines in gasoline and other energy products, fell in September by the largest amount in 10 months.
The Labor Department reported that the Consumer Price Index dipped by 0.5 percent last month, which was better than the 0.3 percent decline that Wall Street had been expecting. It was the biggest decline since a 0.7 percent fall in November of last year and reflected a sizable 7.2 percent drop in energy prices.
In a further indication that price pressures are moderating, core inflation, which excludes energy and food, edged up by 0.2 percent, the third straight month of modest gains following higher readings earlier in the year.
In other economic news, construction of new homes and apartments posted an unexpected gain of 5.9 percent in September to a seasonally adjusted annual rate of 1.772 million units. Housing construction had fallen for three consecutive months, reflecting the significant cooling of the once-hot housing market.
The bigger-than-expected decline in consumer prices should help reassure investors that a slowing economy is helping to reduce inflation pressures according to the script written by the Federal Reserve.
The Fed until August had raised interest rates 17 consecutive times over two years in an effort to slow economic growth enough to combat rising inflation. But it left rates on hold at the August and September meetings and analysts believe they will also remain on hold at next week's meeting.
The 0.5 percent decline in consumer prices last month followed a 0.2 percent August increase with the improvement coming primarily from the big drop in energy costs.
Consumer Prices Fall in September
Wednesday October 18, 8:42 am ET
By Martin Crutsinger, AP Economics Writer
Consumer Prices Fall in September by the Largest Amount in 10 Months, Labor Department Says
WASHINGTON (AP) -- Consumer prices, helped by big declines in gasoline and other energy products, fell in September by the largest amount in 10 months.
The Labor Department reported that the Consumer Price Index dipped by 0.5 percent last month, which was better than the 0.3 percent decline that Wall Street had been expecting. It was the biggest decline since a 0.7 percent fall in November of last year and reflected a sizable 7.2 percent drop in energy prices.
In a further indication that price pressures are moderating, core inflation, which excludes energy and food, edged up by 0.2 percent, the third straight month of modest gains following higher readings earlier in the year.
In other economic news, construction of new homes and apartments posted an unexpected gain of 5.9 percent in September to a seasonally adjusted annual rate of 1.772 million units. Housing construction had fallen for three consecutive months, reflecting the significant cooling of the once-hot housing market.
The bigger-than-expected decline in consumer prices should help reassure investors that a slowing economy is helping to reduce inflation pressures according to the script written by the Federal Reserve.
The Fed until August had raised interest rates 17 consecutive times over two years in an effort to slow economic growth enough to combat rising inflation. But it left rates on hold at the August and September meetings and analysts believe they will also remain on hold at next week's meeting.
The 0.5 percent decline in consumer prices last month followed a 0.2 percent August increase with the improvement coming primarily from the big drop in energy costs.
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Treasurys lower as core CPI posts another gain
By Leslie Wines
Last Update: 8:39 AM ET Oct 18, 2006
NEW YORK (MarketWatch0 - Treasury prices gave up gains early Wednesday, sending yields higher, after the Labor Department reported that core inflation last month posted its third straight monthly gain of 0.2%. However, the headline CPI index fell by 0.5%, the biggest drop since last November. The drop in the CPI was larger than expected while the rise in core CPI matched forecasts by Wall Street economists. The 10-year benchmark note last was down 3/32 at 100-23/32 with a yield ($TNX : CBOE 10-Year Treasury Yield Index
News , chart, profile, more
Last: 47.92+0.14+0.29%
$TNX47.92, +0.14, +0.3%) of 4.784%
By Leslie Wines
Last Update: 8:39 AM ET Oct 18, 2006
NEW YORK (MarketWatch0 - Treasury prices gave up gains early Wednesday, sending yields higher, after the Labor Department reported that core inflation last month posted its third straight monthly gain of 0.2%. However, the headline CPI index fell by 0.5%, the biggest drop since last November. The drop in the CPI was larger than expected while the rise in core CPI matched forecasts by Wall Street economists. The 10-year benchmark note last was down 3/32 at 100-23/32 with a yield ($TNX : CBOE 10-Year Treasury Yield Index
News , chart, profile, more
Last: 47.92+0.14+0.29%
$TNX47.92, +0.14, +0.3%) of 4.784%
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collegio dei patafisici
Reuters
Sept housing starts rose 5.9 pct, permits fell
Wednesday October 18, 8:40 am ET
WASHINGTON (Reuters) - The pace of U.S. home building unexpectedly strengthened in September as new housing starts rose 5.9 percent, but new building permits fell more than expected to a near five-year low, a government report showed on Wednesday.
The Commerce Department said September housing starts came in at an annual pace of 1.772 million units, compared with an upwardly revised 1.674 million pace in August. Economists had forecast September housing starts to edge down to 1.64 million units from August's originally reported pace of 1.665 million.
Compared to a year earlier, September housing starts were down 17.9 percent from the September 2005 pace of 2.158 million units.
Permits for future groundbreaking, an indicator of builder confidence, fell 6.3 percent to an annual pace of 1.619 million units, the lowest rate since October 2001, from a 1.727 million rate in August. Economists had expected the Commerce Department to report September permits at a 1.702 million pace. They were down 27.7 percent from the same time a year ago.
The data came amid mixed signals from the housing industry. A private survey of U.S. homebuilder sentiment ticked higher in October. The National Association of Home Builders/Wells Fargo Housing Market index on Tuesday eked out a one-point gain to 31 points in October after reaching a 15-year low of 30 in September.
But the Mortgage Bankers Association reported that applications for U.S. home mortgages fell last week, pulled down by a drop in refinancing as interest rates rose for the third straight week. The group's seasonally adjusted index of total mortgage applications fell 2.2 percent in the week ended October 13 to 585.8, extending its drop for a second consecutive week.
Sept housing starts rose 5.9 pct, permits fell
Wednesday October 18, 8:40 am ET
WASHINGTON (Reuters) - The pace of U.S. home building unexpectedly strengthened in September as new housing starts rose 5.9 percent, but new building permits fell more than expected to a near five-year low, a government report showed on Wednesday.
The Commerce Department said September housing starts came in at an annual pace of 1.772 million units, compared with an upwardly revised 1.674 million pace in August. Economists had forecast September housing starts to edge down to 1.64 million units from August's originally reported pace of 1.665 million.
Compared to a year earlier, September housing starts were down 17.9 percent from the September 2005 pace of 2.158 million units.
Permits for future groundbreaking, an indicator of builder confidence, fell 6.3 percent to an annual pace of 1.619 million units, the lowest rate since October 2001, from a 1.727 million rate in August. Economists had expected the Commerce Department to report September permits at a 1.702 million pace. They were down 27.7 percent from the same time a year ago.
The data came amid mixed signals from the housing industry. A private survey of U.S. homebuilder sentiment ticked higher in October. The National Association of Home Builders/Wells Fargo Housing Market index on Tuesday eked out a one-point gain to 31 points in October after reaching a 15-year low of 30 in September.
But the Mortgage Bankers Association reported that applications for U.S. home mortgages fell last week, pulled down by a drop in refinancing as interest rates rose for the third straight week. The group's seasonally adjusted index of total mortgage applications fell 2.2 percent in the week ended October 13 to 585.8, extending its drop for a second consecutive week.
