MetroIntelligence Economic Update by P. DUFFY
February builder confidence slips one point to 82
Builder confidence in the market for newly built single-family homes moved one point lower to 82 in February, marking the second straight month that confidence levels have declined by a single point. The HMI index gauging current sales conditions increased one point to 90, the gauge measuring sales expectations in the next six months fell two points to 80, and the component charting traffic of prospective buyers posted a four-point decline to 65.
Inflation tracker Producer Price Index rose 1.0 percent in January and 9.7 percent year-on-year
The Producer Price Index for final demand increased 1.0 percent in January, following advances of 0.4 percent in December 2021 and 0.9 percent in November. On an unadjusted basis, final demand prices moved up 9.7 percent for the 12 months ended January 2022. Prices for final demand less foods, energy, and trade services increased 0.9 percent in January 2022, the largest increase since rising 1.0 percent in January 2021. For the 12 months ended January 2022, the index for final demand less foods, energy, and trade services moved up 6.9 percent.
Retail sales rebound 3.8 percent in January, up 13.0 percent year-on-year
Retail and food services sales for January 2022 were $649.8 billion, an increase of 3.8 percent from the previous month, and 13.0 percent above January 2021. Total sales for the November 2021 through January 2022 period were up 16.1 percent from the same period a year ago.