Vital Statistics:
Stocks are flattish this morning on no real news. Bonds and MBS are up.
Retail Sales fell 0.9% in January, according to the Census Bureau. Sales were up 4.2% compared to a year ago. If you strip out vehicles and gas, retail sales fell 0.5%. Both numbers were below expectations. On a year-over-year basis, the headline number rose 4.2%. Ex-vehicles and gas they rose 3.9%.
Retail sales are not adjusted for inflation, so sales rose modestly on a YOY basis.
Industrial production rose 0.5% in January, according to the Federal Reserve. Manufacturing production fell 0.1%. Capacity Utilization rose from 77.7% to 77.8%.
Total household debt increased by 0.5% in Q4. Delinquencies are increasing however. “While mortgage delinquency rates are similar to pre-pandemic levels, auto loan delinquency transition rates remain elevated.” said Wilbert van der Klaauw, Economic Research Advisor at the New York Fed. “High auto loan delinquency rates are broad-based across credit scores and income levels.” The NY Fed estimates that there was $465 billion in mortgage origination during the quarter.
Are you a mortgage originator with a bookkeeper, but no financial analyst? Are you doing without an annual budget because you don’t have the time / resources to develop one? Are you considering an acquisition, and want an in-depth analysis of the potential synergies and impact on the bottom line? Perhaps you have some projects that need to be done, but you can’t justify a full-time hire.
I am a consultant who has extensive experience in capital markets, secondary marketing, FP&A, budgeting, and servicing. If you think you might have a need, let’s set up a discovery call.
Please reach out to brent@thedailytearsheet.com
