Wet, wild, and wooly day -- and I'm not even talking about the tropical storm!
Take the Producer Price Index. The PPI surged 1.2% in July, twice as much as economists polled by Bloomberg were expecting. The "core" rate, which excludes food and energy, shot up 0.7%. The headline PPI climbed 9.8% from a year earlier, the largest rise in 27 years. The core PPI is up 3.5% YOY, a rate of increase we haven't seen since 1991.
As for housing starts, they dropped 11% on the month to an annual rate of 965,000. That's the lowest since March 1991, but slightly higher than the Briefing.com consensus forecast for a reading of 960,000. Single family only starts fell 2.9%. Building permits dropped more than expected -- down 17.7% to an annual rate of 937,000. Economists were expecting a number of around 959,000. Single-family only permit issuance was down 5.2%.