Now check out this housing report, and the graph on housing permits in particular. It has the seasonal variation. And the chart shows that permits have stabilized; no growth in absolute numbers. But that is a choppy chart, subject to the China rebalancing. House inflation, 6.2%, YoY, one would think builders would be jumping.
Producer prices up a bit, up big deal, except it was driven by the higher cost of food. Headline inflation is low, we have had deflation actually. But house prices up 6%, and health care up 4.6%, the remaining basket must have suffered severe price deflation.
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