Events that marked the week:
On Wednesday Crude Oil Inventories figures were released. Oil extended gains on Wednesday after government data showed a build in U.S. crude stockpiles in line with expectations and a big drop in gasoline inventories. The Energy Information Administration reported crude stocks rose by 3.9 million barrels in the previous week to a total of 521.9 million barrels, meeting analysts' estimates. Total motor gasoline stockpiles dropped by 4.5 million barrels, and distillate fuel stocks also decreased by 1.1 million barrels. Closely watched weekly production figures were barely changed.
Thursday brought
Unemployment Claims figures. In the week ending March 5, the advance figure for seasonally adjusted
initial claims was 259,000, a decrease of 18,000 from the previous week's revised level. Analysts were forecasting decrease to 272,000. The previous week's level was revised down by 1,000 from 278,000 to 277,000. The 4-week moving average was 267,500, a decrease of 2,500 from the previous week's revised average. The previous week's average was revised down by 250 from 270,250 to 270,000.
On Friday Import Prices figures were released. Import prices fell 0.3% in February and have not recorded a monthly advance since the index ticked up 0.1% in June 2015. The February decrease followed declines of 1.0% in January and 1.2% in December. The price index for overall imports decreased 6.1% between February 2015 and February 2016. Despite the downward trend over the past 8 months, the 12-month drop recorded in February was the smallest over-the-year decline since the index fell 5.6% for the year ended in December 2014.
This week markets will be looking at:
Retail Sales (Tuesday 13:30)
PPI (Tuesday 13:30)
Empire State Manufacturing Index (Tuesday 13:30)
Building Permits/Housing Starts (Wednesday 13:30)
CPI (Wednesday 13:30)
Industrial Production (Wednesday 15:15)
Federal Funds Rate/FOMC Statement/FOMC Economic Projections (Wednesday 19:00)
Unemployment Claims (Thursday 13:30)
Philly Fed Manufacturing Index (Thursday 13:30)
Current Account (Thursday 13:30)
Prelim UoM Consumer Sentiment (Friday 16:00)
