2/14: MetroIntelligence Economic Update by P. DUFFY

CPI rose 0.2 percent in January and 2.5 percent year-on-year
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in January after rising 0.2 percent in December, and was up 2.5 percent year-on-year, the largest increase since October 2018.  The index for all items less food and energy rose 0.2 percent in January after increasing 0.1 percent in December, and was up 2.3 percent year-on-year, the same noted over the last three months.


Total household debt rises to record high of $14.15 trillion in 4Q 2019
Total household debt increased by $193 billion (1.4 percent) to $14.15 trillion in the fourth quarter of 2019. This marks the 22nd consecutive quarter with an increase, and the total is now $1.5 trillion higher, in nominal terms, than the previous peak of $12.68 trillion in the third quarter of 2008.


Mortgage applications rise 1.1 percent as rates edge up slightly
The Market Composite Index increased 1.1 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling 6 percent (but up 0.3 percent year-on-year) and refinance activity rising 5 percent (and up 207 percent year-on-year).  The average contract interest rate for 30-year fixed-rate mortgages rose one basis point to 3.72 percent.