Initial Claims, Sales & Inventories, 10 year Bond Auction
Initial jobless cliams -1K to 324K, vs last week revised +9K to 325K. Staying at their highest levels of the year.
Inside the number: Ex Puerto Rico, initial claims closer to 300K, according to a Labor Department official. Since May 1, about 100,000 government employees in Puerto Rico have been out of work due to an impasse over how to finance a $740 million budget deficit. Alrighty then... Full Report
April Retail sales +0.5% with most of the increased spending coming at the gas pump.
Inside the number: Gasoline sales +4.6% as the price rose toward $3 a gallon. Excluding auto sales which fell 0.4%, retail sales +0.7%. But, excluding gasoline sales, seasonally adjusted retail sales nearly flat at +0.1%. Can you say less discretionary cash, I can. Full report
March U.S. business sales and inventories both +0.7%.
Inside the number: The inventory-to-sales ratio remained at 1.26 in March, just above the all-time low of 1.25 set in January. Retail auto inventories rose 1.7% in March. Excluding autos, retail inventories increased 0.7%. In the past year, overall sales are up 7.7%, while inventories are up 4.2%.
For March: Retail sales +0.5%, inventories +1%. The inventory-to-sales ratio remained at 1.47. Manufacturing sales +0.8%, inventories +0.7%. The inventory-to-sales ratio stayed at 1.17. Wholesale sales +0.7%, inventories +0.2%. The inventory-to-sales ratio fell to 1.16 from 1.17.
Bottom line: Inventories remain very tight. Should there be a further rise in demand, this lack of economic slack could create potential bottlenecks for scarce goods which would increase prices for consumers and lead to.... inflation. Full Report
Today's $13 Billion 10 year US Treasury note auction. Notes sold at a high yield of 5.14%, the highest yield since May 2002.
Inside the number: Indirect bidder participation at 30.7% vs previous participation levels as high as 54.7%. The tell: For every $1 sold, there was $2.53 worth of bids, down from $2.87 at March's sale. After the auction, the yield on the 10 year jumped to its highest level in a week.
See this weekend's post for where this pullback in indirect bidder participation could be taking us.
Inside the number: Ex Puerto Rico, initial claims closer to 300K, according to a Labor Department official. Since May 1, about 100,000 government employees in Puerto Rico have been out of work due to an impasse over how to finance a $740 million budget deficit. Alrighty then... Full Report
April Retail sales +0.5% with most of the increased spending coming at the gas pump.
Inside the number: Gasoline sales +4.6% as the price rose toward $3 a gallon. Excluding auto sales which fell 0.4%, retail sales +0.7%. But, excluding gasoline sales, seasonally adjusted retail sales nearly flat at +0.1%. Can you say less discretionary cash, I can. Full report
March U.S. business sales and inventories both +0.7%.
Inside the number: The inventory-to-sales ratio remained at 1.26 in March, just above the all-time low of 1.25 set in January. Retail auto inventories rose 1.7% in March. Excluding autos, retail inventories increased 0.7%. In the past year, overall sales are up 7.7%, while inventories are up 4.2%.
For March: Retail sales +0.5%, inventories +1%. The inventory-to-sales ratio remained at 1.47. Manufacturing sales +0.8%, inventories +0.7%. The inventory-to-sales ratio stayed at 1.17. Wholesale sales +0.7%, inventories +0.2%. The inventory-to-sales ratio fell to 1.16 from 1.17.
Bottom line: Inventories remain very tight. Should there be a further rise in demand, this lack of economic slack could create potential bottlenecks for scarce goods which would increase prices for consumers and lead to.... inflation. Full Report
Today's $13 Billion 10 year US Treasury note auction. Notes sold at a high yield of 5.14%, the highest yield since May 2002.
Inside the number: Indirect bidder participation at 30.7% vs previous participation levels as high as 54.7%. The tell: For every $1 sold, there was $2.53 worth of bids, down from $2.87 at March's sale. After the auction, the yield on the 10 year jumped to its highest level in a week.
See this weekend's post for where this pullback in indirect bidder participation could be taking us.
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