Archive: May, 2013
INDICATOR: April Durable Goods Orders
KEY DATA: Orders: +3.3%; Excluding Aircraft: +1.9%; Business Capital Expenditures: 1.2%
IN A NUTSHELL: “Neither weakness abroad nor dumb policies at home can prevent the manufacturing sector from growing.”
KEY DATA: CPI: -0.4%; Non-Food and Energy: +0.1%/Philadelphia Fed: down 6.5 points
IN A NUTSHELL: "The slowdown in inflation is good news but the growing number of gloomy economic numbers is beginning to catch my attention."
KEY DATA: Starts: down 16.5%; Permits: up 14.3%/Jobless Claims: 360,000 (up 32,000)
IN A NUTSHELL: "With permits outstripping construction, look for a rebound in housing starts over the next few months."
KEY DATA: PPI: -0.7%; Excluding Food and Energy: +0.1%/IP: -0.5%; Manufacturing: -0.4%
IN A NUTSHELL: "With no pressure on wholesale costs, there is little reason to believe that consumer prices will be rising very much anytime soon, especially if the nation's manufacturing base doesn't see demand rise faster."
INDICATOR: April Import and Export Prices
KEY DATA: Imports: -0.5%; Nonfuel: -0.2%; Exports: -0.7%; Farm: -2.2%
IN A NUTSHELL: "With the price of imports basically going nowhere, consumer inflation should remain tame and that is good for both households and the Federal Reserve."
INDICATOR: April Employment Report/ISM Non-Manufacturing Survey
KEY DATA: Payrolls: 165,000; Private Sector: 176,000; Unemployment Rate: 7.5% (down 0.1 percentage point)/ISM (Non-Manufacturing): 53.1 (down 1.3 points)
IN A NUTSHELL: "A declining unemployment rate is great news but a softening service sector raises questions whether job gains can be strong enough to lower the rate further."
INDICATOR: March Trade Deficit
KEY DATA: Deficit: $38.8 billion ($4.8 billion narrower)
IN A NUTSHELL: "A surprisingly narrow March trade deficit could mean that first quarter growth was stronger than initially estimated."