Daily Market Update 4/12/13

Mortgage rates inched lower Friday following the release of weaker than expected economic data.  March Retail Sales declined 0.4%, far below the consensus forecast of 0.0%.  Since Retail Sales represent roughly 70% of economic activity, a downward trend would have significant impact on economic growth.  The March Producer Price Index (PPI) fell 0.6% and was 1.1% higher than one year ago.  Core PPI, which excludes volatile food and energy components, rose 0.2%, matching expectations.  Consumer Sentiment fell sharply to 72.3 from 78.6.  A reading of 78.0 had been expected.  No other key economic data will be released today.

Leave a Reply

Your email address will not be published.

Back to top