Weekly Economic Update: May 12-16, 2014

May 19 2014

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The U.S. Treasury posted a $106.9 billion budget surplus for April. Retail sales are up 0.1% in April. Business inventories are up 0.4% for March. The producer price index for total final demand in April is up 0.6%. The consumer price index increased 0.3% in April, while core CPI was up 0.2%. Industrial production declined 0.6% in April. Housing starts increased 13.2% to an annualized 1.072 million unit pace. Building permits rose 8.0% in April to an annualized rate of 1.080 million units. Initial jobless claims fell 24,000 to 297,000 for the week ended 5/10.

• The U.S. Treasury posted a $106.9 billion budget surplus for April. The YTD deficit is down 37% from a year ago to $305.8 billion. Corporate tax receipts and individual tax receipts are up 15% and 3.6% YTD, respectively. Spending is down 2.4% YTD led by declines in defense spending and net interest payments.

• Retail sales are up 0.1% in April. Excluding autos, sales are unchanged, and excluding autos and gas, sales are down 0.1%.

• Business inventories are up 0.4% for March.

• The producer price index for total final demand in April is up 0.6%. This was the largest increase since September 2012, and is up 2.1% over the year. Excluding food & energy, final demand was up 0.5% in April, and excluding food, energy & trade services, was up 0.3%.

• The consumer price index increased 0.3% in April, while core CPI was up 0.2%. Headline CPI is up 2.0% over the year, and core CPI is up 1.8%.

• Industrial production declined 0.6% in April. Manufacturing was down 0.4%.

• Housing starts increased 13.2% to an annualized 1.072 million unit pace. The pace is up 26.4% from a year ago.

• Building permits rose 8.0% in April to an annualized rate of 1.080 million units. The pace is up 3.8% from a year ago.

• Initial jobless claims fell 24,000 to 297,000 for the week ended May 10th. This is the lowest reading since May 2007.

 

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