Good morning, its Tuesday May 17th, the 137th day of 2005.
Producer prices were up a sharper than expected 0.6 percent last month with both core and headline numbers rising more than expected. Wha’s really key about today is whether oil holds recent levels or continues last week’s sell off.
``You have to take this data with a little caution because the overall number being up 0.6 percent includes the energy prices,’’ Daniel Laufenberg, chief economist at American Express Financial Corp., said of the producer prices report in an interview. ``We know that more recently those prices have come down a bit, so we’re not likely to see that continuing.’’2
Meanwhile, blame it on the weather, industrial production falls:
WASHINGTON (AFX)—A sharp decline in the production of automobiles dragged down U.S. industrial production in April, the Federal Reserve reported Tuesday. Industrial production fell 0.2% in April. At the same time, capacity utilization eased to 79.2% from 79.4%. The declines in industrial output and capacity were unexpected. Economists were expecting production to rise 0.2% and capacity utilization to remain unchanged to 79.4%. In April, the indexes for manufacturing and mining were unchanged, while the output of utilities dropped 2.3%
The original data is always available on the Federal Reserve web site.
US Market Calendar
- 8:30 am: Producer Price Index – Apr.1
- 8:30 am: Housing Starts – Apr.
- 8:30 am: Building Permits – Apr.
- 8:55 am: Redbook – May 14th week
- 9:15 am: Industrial Production – Apr.2
- 9:15 am: Capacity Utilization – Apr.
Canadian Market Calendar
- No releases
Earnings and the Federal Reserve
For earnings highlights, please see today's WSJ Earnings Calendar.
For a list of upcoming speeches, congressional testimony, Federal Open Market Committee material, and statistical releases, please visit the What's Next page of The Federal Reserve Board website. Recently released Federal Reserve Board material, including market moving FOMC decisions and speeches by members, will be found on their What's New page.
1 April producer prices up 0.6 percent
2 Producer Prices in U.S. Rise 0.6 Percent; Core Rate Climbs 0.3 Percent
05.05.17 15:04 #