Tuesday, June 12, 2012

Look Ahead: Retail Sales

by Bill McBride on 6/12/2012 09:45:00 PM

Over in Europe, eurozone industrial production will be released. The consensus is for a 1% decline.

As a reminder, the Greek election is this coming Sunday, and currently polls show no clear winner.

From Bloomberg: Greek Bank Deposit Outflows Said to Have Risen Before Elections

Daily withdrawals have increased to the upper end of a 100 million-euro ($125 million) to 500 million-euro range this month, one banker said, asking not to be identified because the figures aren't public. A second banker said the drawdown may have exceeded 700 million euros yesterday.
• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the mortgage purchase applications index. Expect record or near record low mortgage rates and a sharp increase in refinance activity.

• At 8:30 AM, Retail sales for May will be released. The consensus is for retail sales to decrease 0.2% in May, and for retail sales ex-autos to decrease 0.1%.

• Also at 8:30 AM, the Producer Price Index for May. The consensus is for a 0.6% decrease in producer prices due to the decline in oil prices (0.2% increase in core).

• At 10:00 AM, the Manufacturing and Trade: Inventories and Sales for April will be released (Business inventories). The consensus is for 0.3% increase in inventories.