Weekly Economic Update: April 7-11, 2014

Apr 14 2014

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Consumer credit increased $16.49 billion (0.5%) in February to $3.13 trillion. The U.S. Treasury budget deficit was $36.9 billion in March. The producer price index increased 0.5% in March. Initial jobless claims fell 32,000 to 300,000 for the week ended 4/5.

• Consumer credit increased $16.49 billion (0.5%) in February to $3.13 trillion. Revolving credit (i.e., credit cards) was down 0.3% while non-revolving credit (i.e., auto loans) increased 0.8%.

• The U.S. Treasury budget deficit was $36.9 billion in March. This reflects about $50 billion in calendar timing adjustments relating to payments to Freddie Mac and Fannie Mae. Revenue is up and spending is down, including a decline in defense spending. The fiscal year-to-date deficit is $413 billion.

• The producer price index increased 0.5% in March. PPI less food & energy was up 0.6%, and PPI less food, energy & trade was up 0.3%. PPI goods remained unchanged, and PPI services index was up 0.7%.

• Initial jobless claims fell 32,000 to 300,000 for the week ended April 5th. This is the largest drop in more than a decade, and though there are no special factors, the Labor Department says it may be due to seasonal adjustments as Easter fell on March 31 last year.

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