MetroIntelligence Economic Update by P. DUFFY
CPI up 0.2 percent in June and 3.0 percent year-on-year
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2 percent in June on a seasonally adjusted basis, after increasing 0.1 percent in May. Over the last 12 months, the all items index increased 3.0 percent before seasonal adjustment, the smallest annual rise since March 2021. The index for all items less food and energy rose 0.2 percent in June, the smallest 1-month increase in that index since August 2021.The all items less food and energy index rose 4.8 percent over the last 12 months.
Producer Price Index up 0.1 percent in June and 0.1 percent year-on-year
The Producer Price Index for final demand increased 0.1 percent in June, after falling 0.4 percent in May and rose 0.1 percent for the 12 months ended in June. The index for final demand less foods, energy, and trade services moved up 0.1 percent in June after no change in May, and was up 2.6 percent year-on-year.
Purchase loan applications up 2 percent from previous week, down 26 percent year-on-year
The Market Composite Index for mortgage applications increased 0.9 percent on a seasonally adjusted basis from one week earlier, with purchase loans rising 2 percent (but down 26 percent year-on-year) and refinance activity falling 1 percent (and down 39 percent year-on-year). The average contract interest rate for 30-year fixed-rate mortgages increased to 7.07 percent from 6.85 percent, the highest level since November 2022.