Daily Market Update 1/15/13

Mortgage rates were little changed Tuesday following the release of mixed economic data.  December Retail Sales jumped 0.5% led by increased auto sales, beating expectations.  The Producer Price Index (PPI) fell 0.2%, below the consensus of -0.1%, and was 1.3% higher than one year ago.  Core PPI, which excludes volatile food and energy components, rose 0.1%, and was a tame 2.0% higher year-over-year.  The Empire State Index, a survey of manufacturing activity in the region, came in a -7.8, well below forecast.  Readings below zero indicate contraction in the manufacturing sector.  Stocks moved lower.  No other key data will be released today.

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