- Weekly: **Unemployment Initial Claims Data have been revised**
- US: Housing Starts by State and Region (Feb)
- CPB World Trade Monitor (Jan)
- CPB World Trade Monitor (Jan)
- France: Registered Unemployed & Job Vacancies (Feb)
- US: Household Employment for States and Regions (Feb)
- US: Wholesale Trade Revisions, Advance Durable Goods (Feb)
- Manufacturing Survey - Markit US (Flash - Mar), Composite Survey - US (Flash - Mar), Services Survey - US (Flash - Mar)
- more updates...
Economy in Brief
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
Kansas City Federal Reserve Factory Index Strengthens; Expectations Surge
The Kansas City Fed reported that its index of regional manufacturing sector business activity increased to 20 during March...
U.S. Initial Unemployment Insurance Claims Rise
Initial claims for unemployment insurance increased to 258,000 (-3.0% y/y) during the week ended March 18...
U.K. Retail Looks Less Bulletproof
For the most part, the assessments embodied in the March survey from the UK's CBI are being taken as being upbeat...
by Tom Moeller March 15, 2017
The Consumer Price Index nudged 0.1% higher during February following a 0.6% January increase. The gain outpaced expectations for m/m stability in the Action Economic Forecast Survey. Despite last month's moderation, the y/y increase accelerated 2.7%, the strongest rise since March 2012. Core pricing power moderated to 0.2% from 0.3% and matched expectations. The annual gain in core prices has been steady near 2.2% since late 2015.
A 1.0% decline in energy prices led the moderation in inflation last month. The y/y gain picked up, however, to 15.2%, also the strongest since 2011. Gasoline prices declined 3.0% (+30.7% y/y) after a 7.8% jump, while fuel oil prices eased 0.4% (+28.0% y/y). Showing strength were natural gas prices which jumped 1.5% (10.9% y/y) and electricity costs, up 0.8% (1.9% y/y).
Little change in core goods prices (-0.5% y/y) contrasted with a 0.4% January increase. Used car & truck prices fell 0.6% (-4.3% y/y) while new car & truck prices eased 0.2% (+0.5% y/y). Medical care goods prices also fell 0.2% (+4.1% y/y). Recreation goods prices eased 0.1% (-3.3% y/y), though video & audio equipment costs rose 0.5% (-12.6% y/y). Home furnishings prices also were off 0.1% (-1.7% y/y). To the upside were apparel prices which increased 0.6% (0.4% y/y) following a 1.4% jump. Household appliance prices also strengthened 0.4% (-3.7% y/y), the strongest monthly increase since July 2014.
The increase in core services prices has been steady at 0.3% (3.1% y/y) for the last four months. Recreation services prices strengthened 0.9% (3.8% y/y), a record annual rate of increase. Transportation services prices jumped 0.7% (3.6% y/y), the strongest of four monthly increases. The cost of public transportation jumped 1.4%, though it was unchanged y/y. Shelter prices gained 0.3% (3.5% y/y) as rents also increased 0.3% (3.6% y/y). The owners' equivalent rent of primary residences rose 0.3% (3.5% y/y). Medical care services costs increased 0.2% (3.4% y/y) for the fourth straight month. Education & communications prices eased 0.2% (-0.1% y/y), but tuition costs gained 0.2% (2.5% y/y).
Food prices increased 0.2% (2.2% y/y), the only increase since last April. Meat prices gained 0.3% (-3.0% y/y), the first rise since September 2015. Fruit & vegetable costs firmed 0.7% (-4.7% y/y) after a 1.7% decline. Dairy product prices increased 0.8% (0.4% y/y), but egg prices declined 4.6% (-23.6% y/y). Cereal & bakery product prices eased 0.4% (-1.1% y/y).
The consumer price data is available in Haver's USECON database while detailed figures can be found in CPIDATA. The expectations figure is from Action Economics and is found in the AS\1REPNA database.
|Consumer Price Index, All Urban Consumers (%)||Feb||Jan||Dec||Feb Y/Y||2016||2015||2014|
|Total less Food & Energy||0.2||0.3||0.2||2.2||2.2||1.8||1.7|
|Goods less Food & Energy||-0.0||0.4||0.0||-0.5||-0.5||-0.5||-0.3|
|Services less Energy||0.3||0.3||0.3||3.1||3.1||2.6||2.5|