Retail Sales; Business Inventories; PPI; NY Empire; TIC
Summary: Headline, Retail sales up despite doom & gloom, under the sheets,
rising gasoline prices fueled the increase while unit sales are down across the board.
Headline, business inventories increase at expected rate, under the sheets, confirming the grim retail sales news, sales down, inventories up across the board.
Headline, Core PPI up 0.2% per estimates, under the sheets, screaming at double digits with energy bleeding into the mythical core at a staggering 5%.
Headline, NY Empire shows business activity leveling off, under the sheets,
the backlog got shipped out, cost pressures accelerated, capex plunging & the outlook weakened.
Net foreign purchase TIC data shows private investors shunning corporate debt while stepping up to treasury debt as the central banks back away.
Retail Sales Mar +0.2% vs prior -0.4% Full Report
Inside the number: Retail Sales ex-auto Mar +0.1% vs prior -0.1%;
Furniture -0.3%; Electronics & Appliances -0.4%; Building Materials -1.6%; Health -0.1%; Clothing -0.5%;
General Merchandise Stores -0.6%; Department & Misc Stores Flat. Worse yet from Table 2: QoQ & YoY:
Auto -2.2%;-2.4%; Furniture -3.6%; -6.1%; Electronics -1.5%; +1%; Building -2.8%;-4.6%; Dept Stores -1.6%; -4.2%; Gasoline +5%; +21.4%.
Business Inventories Feb +0.6% vs prior +0.9% Full Report
Inside the number: Sales -1.1%; Manufacturing Sales -2.1%; Inventories +0.5%; Retail Sales -0.4%; Inventories +0.2%; Wholsesale sales -0.8%; Inventories +1.1%
PPI Mar +1.1% vs prior +0.3% Full Report
Inside the number: Core PPI (ex food & energy) Mar +0.2% vs prior +0.5%. vs last year Finished goods +6.9%; Intermediate +2.3%; Crude +8%.
SAAR seasonally adjusted annual rate: Q108: finished goods +10.2%; energy +22.5%; bleeding into everything in the distribution chain;
SAAR Q108 vs Q407: core SAAR (ex food & energy) +5% vs +2.2%;
Finished consumer foods +10.1% +9.6%; intermediate goods +19.4% vs +14.5%; crude goods +73.4% vs +67.7%...
intermediate materials less food & energy: +10.7% vs +4.6%; crude non food materials less energy +52.6% vs +10.1%.
Again we gently remind, ANYONE claiming that inflation or stagflation is not in double digits, is either a paid liar, a fool or both.
NY Empire State Index Apr +0.6 vs prior -22.2 Full Report
Inside the number: New orders up +0.06 vs -4.69; shipments up +17.49 vs -5.2; unfilled orders backlog gone -6.25 vs +1.12.
Prices paid up +57.29 vs +50.56; Prices received up +20.83 vs +15.73; employees dropped zero vs +4.49.
Expectations 6 mos ahead: General down 19.57 vs 25.77; prices paid up 61.46 vs 57.3; employees down 4.08 vs 33.06; capex down 11.46 vs 17.98
Net Foreign Purchases Feb $72.5B vs $57.1B Full Report
Inside the number: Private (investors) net jumped 76.6 vs 23.9; Official (central bank) net plunged 6.1 vs 53.4.
Foreign holdings of short term dollar demoninated securities plunged to 3.4 vs 73.8.
Private foreign investors smell the decay in corporate debt and have decreased their corporate bond purchases by over 50% in the last year $255B vs $511B
rising gasoline prices fueled the increase while unit sales are down across the board.
Headline, business inventories increase at expected rate, under the sheets, confirming the grim retail sales news, sales down, inventories up across the board.
Headline, Core PPI up 0.2% per estimates, under the sheets, screaming at double digits with energy bleeding into the mythical core at a staggering 5%.
Headline, NY Empire shows business activity leveling off, under the sheets,
the backlog got shipped out, cost pressures accelerated, capex plunging & the outlook weakened.
Net foreign purchase TIC data shows private investors shunning corporate debt while stepping up to treasury debt as the central banks back away.
Retail Sales Mar +0.2% vs prior -0.4% Full Report
Inside the number: Retail Sales ex-auto Mar +0.1% vs prior -0.1%;
Furniture -0.3%; Electronics & Appliances -0.4%; Building Materials -1.6%; Health -0.1%; Clothing -0.5%;
General Merchandise Stores -0.6%; Department & Misc Stores Flat. Worse yet from Table 2: QoQ & YoY:
Auto -2.2%;-2.4%; Furniture -3.6%; -6.1%; Electronics -1.5%; +1%; Building -2.8%;-4.6%; Dept Stores -1.6%; -4.2%; Gasoline +5%; +21.4%.
Business Inventories Feb +0.6% vs prior +0.9% Full Report
Inside the number: Sales -1.1%; Manufacturing Sales -2.1%; Inventories +0.5%; Retail Sales -0.4%; Inventories +0.2%; Wholsesale sales -0.8%; Inventories +1.1%
PPI Mar +1.1% vs prior +0.3% Full Report
Inside the number: Core PPI (ex food & energy) Mar +0.2% vs prior +0.5%. vs last year Finished goods +6.9%; Intermediate +2.3%; Crude +8%.
SAAR seasonally adjusted annual rate: Q108: finished goods +10.2%; energy +22.5%; bleeding into everything in the distribution chain;
SAAR Q108 vs Q407: core SAAR (ex food & energy) +5% vs +2.2%;
Finished consumer foods +10.1% +9.6%; intermediate goods +19.4% vs +14.5%; crude goods +73.4% vs +67.7%...
intermediate materials less food & energy: +10.7% vs +4.6%; crude non food materials less energy +52.6% vs +10.1%.
Again we gently remind, ANYONE claiming that inflation or stagflation is not in double digits, is either a paid liar, a fool or both.
NY Empire State Index Apr +0.6 vs prior -22.2 Full Report
Inside the number: New orders up +0.06 vs -4.69; shipments up +17.49 vs -5.2; unfilled orders backlog gone -6.25 vs +1.12.
Prices paid up +57.29 vs +50.56; Prices received up +20.83 vs +15.73; employees dropped zero vs +4.49.
Expectations 6 mos ahead: General down 19.57 vs 25.77; prices paid up 61.46 vs 57.3; employees down 4.08 vs 33.06; capex down 11.46 vs 17.98
Net Foreign Purchases Feb $72.5B vs $57.1B Full Report
Inside the number: Private (investors) net jumped 76.6 vs 23.9; Official (central bank) net plunged 6.1 vs 53.4.
Foreign holdings of short term dollar demoninated securities plunged to 3.4 vs 73.8.
Private foreign investors smell the decay in corporate debt and have decreased their corporate bond purchases by over 50% in the last year $255B vs $511B
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