Tuesday's US session was marked by CPI and New Home Sales data. The Consumer Price Index for increased 0.2% in February on a seasonally adjusted basis, in line with market forecasts.The seasonally adjusted increase in the all items index was broad-based, with increases in shelter, energy, and food indexes all contributing.
The energy index rose after a long series of declines, increasing 1.0% as the gasoline index turned up after falling in recent months. The food index, unchanged last month, also rose in February, though major grocery store food group indexes were mixed.The index for all items less food and energy rose 0.2% in February, the same increase as in January, beating forecasts in 0.1% incline.
Sales of new single-family houses in February 2015 were at a seasonally adjusted annual rate of 539,000, well above expectations on a rate of 466,000. This is 7.8% above the revised January rate of 500,000 and is 24.8% above the February 2014 estimate of 432,000.
On Wednesday US session was marked by Durable Goods Orders. New orders for manufactured durable goods in February decreased $3.2 billion or 1.4% to $231.3 billion. Analysts were expecting 0.3% incline. This decrease, down three of the last four months, followed a 2.0% January increase. Shipments of manufactured durable goods in February, down four of the last five months, decreased $0.5 billion or 0.2% to $244.0 billion. This followed a 1.4% January decrease. Excluding transportation, new orders decreased 0.4%, also missing forecasts on 0.3% rise.
Thursday's session brought Unemployment Claims data. In the week ending March 21, the advance figure for seasonally adjusted initial claims was 282,000, a decrease of 9,000 from the previous week's unrevised level of 291,000. Analysts were anticipating no change. The 4-week moving average was 297,000, a decrease of 7,750 from the previous week's unrevised average of 304,750.
Friday's US session brought GDP and Revised Consumer Sentiment figures. U.S. GDP increased at an annual rate of 2.2% in the fourth quarter of 2014. In the third quarter, real GDP increased 5.0%. Analyst were forecasting 2.4% growth. While increases in exports and in personal consumption expenditures (PCE) were larger than previously estimated and the change in private inventories was smaller, GDP growth is unrevised, and the general picture of the economy for the fourth quarter remains the same.
Consumer confidence in the U.S fell to 93 from 95.4, revised reading showed. Market consensus was placed at 92.5. Much of the drop in confidence was among lower-income households, the ones most affected by rising utility bills after colder weather the month before. At the same time fuel costs have steadied since early March, and employers are adding workers following the strongest labor-market performance since 1999.
This week markets will be looking at:
Pending Home Sales (Monday 15:00)
Chicago PMI (Tuesday 14:45)
CB Consumer Confidence (Tuesday 15:00)
ADP Non-Farm Employment Change (Wednesday 13:15)
ISM Manufacturing PMI (Wednesday 15:00)
Trade Balance (Thursday 13:30)
Unemployment Claims (Thursday 13:30)
Non-Farm Employment Change/Unemployment Rate (Friday 13:30)
