- Producer Price Index
- Empire Manufacturing
- NAHB Housing Market Index
- ABC Consumer Confidence
Producer Price Index MoM (Mar)
PPI Ex Food & Energy MoM (Mar)
Producer Price Index YoY (Mar)
PPI Ex Food & Energy YoY (Mar)
Producer Price Index TABLE
Headline/Core divergence continues
- Headline up 1.1% m/m and 6.9% y/y
- Core up 0.2% m/m and 2.7% y/y
- Food (+1.2%) and gas (+1.3%) lead the way up, computers (-3.2%) and passenger cars (-0.2%) lead the way down.
- Intermediate and crude pressures remain intense, rising 2.3% and 8.0% respectively for the month
- Further margin squeeze likely to put further downward pressure on capex, especially in light of weak economy and credit conditions (see below)
Empire jumps from -22.2 to 0.6. Index quite volatile and 10-20 point moves per month the norm as of late.
6mth expectations deteriorate from 25.8 to 19.6.
- Shipments show largest jump from -5 to +17 (for current conditions)
- Employment and average workweek both extremely weak
- Capex intentions fall from 18 to 11.5
Empire Manufacturing (Apr)
Survey is colored by subjective recessions fears bouncing back some.
NAHB Housing Market Index (Apr)
Still looks to me like a bottom.
ABC Consumer Confidence (Apr 13)
Still looking weak. Much like an export economy