US consumer confidence (Michigan) lower than expected
US: Industrial production (Feb.): 0% m/m vs 0.2% expected (prior: 0.3% revised from 0%)
- Prior data were revised up, but activity remained sluggish over the month; manufacturing production was up by 0.1% m/m after 1.3% m/m thanks to utility-energy while autos and machinery production was down; production of computer-electronics was up by 1.2% m/m after -1.7% m/m.
- As revealed by regional surveys, activity remained fragile in industry.
US: Consumer confidence (Michigan) (March): 63.4 vs 67 expected (prior: 67)
- Consumer confidence has come lower than expected after rebuilding momentum in the prior months.
- Sentiment has decreased on both current situation and expectations from the past month.
- Opinions have deteriorated on income and personal financial situation; views have turned more cautious on future activity, while staying positive on current situation. Rates are expected to rise further.
- Willingness to buy large items, autos and houses has decreased after a rebound the prior month and sentiment has deteriorated.
- Inflation expectations have decreased: from 4.1% to 3.8% for 1y inflation and from 2.9% to 2.8% for inflation 5-10y.
- Volatile financial markets, rising costs of credit and tighter standards of credit would weigh down on sentiment and purchases.
Eurozone: CPI (Feb.): 0.8% m/m as expected (prior: -0.4%)
- Inflation has rebounded as expected; all sectors have reversed after Jan. moderation and have shown a strong monthly rise: energy, food, industrialized goods and services.
- Yearly trend has stabilized at 8.5% y/y but core inflation has accelerated from 5.3% y/y the prior month to 5.6% y/y.
- This confirmed ECB remained worried on core inflation.
Sweden: Unemployment rate (Feb.): 7.6% vs 7.3% expected (prior: 7.3%)
- After a bottom reached in August 2022 at 6.8%, unemployment ratio has progressively trended higher.
Brazil: Unemployment rate (Jan.): 8.4% vs 8.2% expected (prior: 7.9%)
- Trend in labor has slightly deteriorated over the month.