Sunday, November 16, 2014

Monday: Industrial Production, Empire State Mfg Survey

by Bill McBride on 11/16/2014 07:23:00 PM

Saturday, November 15th, was Doris "Tanta" Dungey's birthday. Happy Birthday T!

For new readers, Tanta was my co-blogger back in 2007 and 2008. She was a brilliant, writer - very funny - and a mortgage expert. Sadly, she passed away in 2008, and I like to celebrate her life on her birthday.

I strongly recommend Tanta's "The Compleat UberNerd" posts for an understanding of the mortgage industry. And here are many of her other posts.

On her passing, from the NY Times: Doris Dungey, Prescient Finance Blogger, Dies at 47, from the WaPo: Doris J. Dungey; Blogger Chronicled Mortgage Crisis, from me: Sad News: Tanta Passes Away

• At 8:30 AM ET, the NY Fed Empire Manufacturing Survey for November. The consensus is for a reading of 10.5, up from 6.2 in October (above zero is expansion).

• At 9:15 AM, the Fed will release Industrial Production and Capacity Utilization for October. The consensus is for a 0.2% increase in Industrial Production, and for Capacity Utilization to increase to 79.3%.

• Note: New York Fed to Publish Blog Series on Long-term Unemployment and Labor Market Slack

Schedule for Week of November 16th

From CNBC: Pre-Market Data and Bloomberg futures: currently the S&P futures are down 4 and DOW futures are down 31 (fair value).

Oil prices were down over the last week with WTI futures at $75.84 per barrel and Brent at $79.51 per barrel.  A year ago, WTI was at $94, and Brent was at $107 - so prices are down more than 20%  year-over-year.

Below is a graph from for nationwide gasoline prices. Nationally prices are around $2.89 per gallon (down about 30 cents from a year ago).  If you click on "show crude oil prices", the graph displays oil prices for WTI, not Brent; gasoline prices in most of the U.S. are impacted more by Brent prices.

Orange County Historical Gas Price Charts Provided by