The Producer Price Index for final demand fell 0.1% in March, seasonally adjusted, missing forecasts on 0.1% rise, the U.S. Bureau of Labor Statistics reported. Final demand prices decreased 0.2% in February and advanced 0.1% in January. On an unadjusted basis, the final demand index moved down 0.1% for the 12 months ended in March. The decrease in the final demand index in March can be traced to prices for final demand services, which declined 0.2%. In contrast, prices for final demand goods rose 0.2%.
Thursday brought CPI and Unemployment Claims figures. The Consumer Price Index increased 0.1% in March on a seasonally adjusted basis, missing forecasts on increase by 0.2%. Over the last 12 months, the all items index rose 0.9% before seasonal adjustment. The food index declined in March, while the indexes for energy and for all items less food and energy rose, leading to the slight seasonally adjusted increase in the all items index. The food index fell 0.2% after rising in February, as five of the six major grocery store food groups declined.
Separate report showed that in the week ending April 9, the advance figure for seasonally adjusted initial claims was 253,000, a decrease of 13,000 from the previous week's revised level. Analysts were expecting increase to 270,000. The 4-week moving average was 265,000, a decrease of 1,500 from the previous week's revised average.
Thursday was marked by CPI and Unemployment Claims figures. The Consumer Price Index increased 0.1% in March on a seasonally adjusted basis, missing forecasts on increase by 0.2%. Over the last 12 months, the all items index rose 0.9% before seasonal adjustment. The food index declined in March, while the indexes for energy and for all items less food and energy rose, leading to the slight seasonally adjusted increase in the all items index. The food index fell 0.2% after rising in February, as five of the six major grocery store food groups declined.
Separate report showed that in the week ending April 9, the advance figure for seasonally adjusted initial claims was 253,000, a decrease of 13,000 from the previous week's revised level. Analysts were expecting increase to 270,000. The 4-week moving average was 265,000, a decrease of 1,500 from the previous week's revised average.
On Friday Industrial Production, Empire State Manufacturing Index and Consumer Sentiment figures were published. Industrial production decreased 0.6% in March for a second month in a row. For the first quarter as a whole, industrial production fell at an annual rate of 2.2%. A substantial portion of the overall decrease in March resulted from declines in the indexes for mining and utilities, which fell 2.9% and 1.2% respectively; in addition, manufacturing output fell 0.3%. The sizable decrease in mining production continued the industry's recent downward trajectory; the index has fallen in each of the past seven months, at an average pace of 1.6% per month.
Earlier today Empire State Manufacturing Index figures were released. The April 2016 Empire State Manufacturing Survey indicates that business activity expanded for New York manufacturers. The headline general business conditions climbed nine points to 9.6, its highest level in more than a year. Employment levels and the average workweek were little changed from March. The six-month outlook continued to improve, with the index for future business conditions rising for a third straight month.
Consumer confidence unexpectedly fell in April to the weakest level in seven months as Americans were rattled by unsatisfying wage growth and concern over how the upcoming presidential election would impact the economy. The University of Michigan’s preliminary sentiment index for this month fell to 89.7, the lowest since September, from 91 in March. The median projection in a Bloomberg survey called for 92. The gauge averaged 92.9 last year, the best annual performance since 2004.
This week markets will be looking at:
Building Permits/Housing Starts (Tuesday 14:30)
Existing Home Sales (Wednesday 16:00)
Unemployment Claims (Thursday 14:30)
Philly Fed Manufacturing Index (Thursday 14:30)
