So this is the first inflation report where I got what I’ve been looking for: Rent of Shelter was up 2% year over year, though Owners Equivalent Rent is still clocking in at 1.4% year over year.

I am still not getting the kind of action I’d like to see in new cars but used cars clocked in an impressive, 5.4% year over year.

This is an indication that stocks in both cars and housing are being to show upward pressure. This should provide the impetuous for an increase in both construction and industrial production.

This Fall looks weak but I am still holding out hope that the fundamentals are going to come through for us on this. Especially with the Fed Funds at zero out to 2013, we should be able to get some action in these two categories.