Succinct Summations for the week ending March 17th, 2017
Positives:
1. Retail sales rose 0.1% m/o/m, despite weak auto sales. January revised up 0.2% to 0.6%.
2. Job openings came in at 5.6 million in January with hiring rising 2.6%
3. Housing market index reading, at 71, is the highest of this economic cycle.
4. MBA mortgage applications rose 3.1% w/o/w unaffected by higher financing rates.
5. Consumer sentiment remains elevated, coming in at 97.6
6. Inventory growth remains stable, coming in at 0.3%.
7. Initial jobless claims remain low, coming in at 241k.
8.NFIB Small business optimism remains elevated, coming in at 105.3, above the 105 expected.
9. Empire manufacturing index remains strong, at 16.4.
Negatives:
1. Auto sales fell 0.2% in February, after falling 1.3% in January.
2. Labor market conditions index fell to 0.6, down from 1.3 previously.
3. Producer prices rose 0.3% m/o/m and 2.2% y/o/y, which is the strongest increase in five years.
4. Consumer prices rose 2.7% y/o/y, also the strongest increase in nearly five years.
5. Industrial production came in unchanged m/o/m. Manufacturing was strong however, rising 0.5%.
Thanks, Mike!
