Economic Reports 04/12/09
Wholesale Trade Feb
Wholesale inventories fell 1.5%, the biggest percentage drop in 17 years and extending a string of declines as wholesalers scramble to reduce unwanted stocks.
Autos showed the steepest draw in wholesale inventories at -7.9% in the month as the auto industry desperately tries to bring stocks in line with sales.
Retail Chain Sales Mar
Many chains posted wide and deepening declines in March though some said the results, given the absence of Easter, were better than expected.
Wal-Mart, which by itself makes up more than 10% of general merchandise sales, posted sales increases but the lowest increases in a year.
Trade Deficit Feb -$26B vs -$36B
The U.S. trade deficit in February unexpectedly plunged on U.S. import demand falling over a cliff.
Exports actually rebounded 1.6% while imports plummeted 5.1%. The improvement in the overall deficit was due primarily to a drop in nonoil imports.
The drop in imports was widespread but led by declines in industrial supplies and capital goods excluding autos. Consumer goods and autos also fell.
Year-on-year, overall exports slipped to down 16.9% in February while imports worsened to down 28.8%.
Import & Export Prices Mar
The rise underway in oil is making for higher import prices which rose 0.5% in March to end a very long string of declines. Yoy import prices down -14.9%.
Prices for imported petroleum products jumped 10.5% in March following a 5.2% rise in February.
But a key number in this report, one that offers indications on price pressures for imported finished goods, is ex-petroleum import prices which fell 0.7%.
The third straight 0.7% monthly decline to extend a long streak of declines that have raised major concerns of disinflation/deflation among policy makers.
Export prices are also showing contraction, down 0.6% and Yoy -6.7%. Prices for farm exports fell 3.5%, excluding which export prices were down 0.3%.
Initial Jobless Claims Apr 4
-20K at 654K; 4 week MA -750 at 657K. Continuing claims +95K to a record level of 5.840M; 4 week MA +146K at 5.647M.
This serves as onfirmation that jobseekers are having a very hard time finding work.
Over the last five weeks alone, 766,000 unemployed workers have been added to the continuing claims list.
Wholesale inventories fell 1.5%, the biggest percentage drop in 17 years and extending a string of declines as wholesalers scramble to reduce unwanted stocks.
Autos showed the steepest draw in wholesale inventories at -7.9% in the month as the auto industry desperately tries to bring stocks in line with sales.
Retail Chain Sales Mar
Many chains posted wide and deepening declines in March though some said the results, given the absence of Easter, were better than expected.
Wal-Mart, which by itself makes up more than 10% of general merchandise sales, posted sales increases but the lowest increases in a year.
Trade Deficit Feb -$26B vs -$36B
The U.S. trade deficit in February unexpectedly plunged on U.S. import demand falling over a cliff.
Exports actually rebounded 1.6% while imports plummeted 5.1%. The improvement in the overall deficit was due primarily to a drop in nonoil imports.
The drop in imports was widespread but led by declines in industrial supplies and capital goods excluding autos. Consumer goods and autos also fell.
Year-on-year, overall exports slipped to down 16.9% in February while imports worsened to down 28.8%.
Import & Export Prices Mar
The rise underway in oil is making for higher import prices which rose 0.5% in March to end a very long string of declines. Yoy import prices down -14.9%.
Prices for imported petroleum products jumped 10.5% in March following a 5.2% rise in February.
But a key number in this report, one that offers indications on price pressures for imported finished goods, is ex-petroleum import prices which fell 0.7%.
The third straight 0.7% monthly decline to extend a long streak of declines that have raised major concerns of disinflation/deflation among policy makers.
Export prices are also showing contraction, down 0.6% and Yoy -6.7%. Prices for farm exports fell 3.5%, excluding which export prices were down 0.3%.
Initial Jobless Claims Apr 4
-20K at 654K; 4 week MA -750 at 657K. Continuing claims +95K to a record level of 5.840M; 4 week MA +146K at 5.647M.
This serves as onfirmation that jobseekers are having a very hard time finding work.
Over the last five weeks alone, 766,000 unemployed workers have been added to the continuing claims list.
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