Mixed Philly Fed business sentiment in the US; declining sales in UK
US: Philadelphia Fed. (Apr.): 23.2 vs 21 expected (prior: 22.3)
- Sentiment on current situation has slightly increased but the six-month view index has significantly declined from previous highs.
- Positive view on current situation has been fueled by rising prices paid, employment and average workweek, while shipments and new orders were on the decline.
- The decline on future view has been fueled by orders, employment and capital expenditure.
- As the survey is very volatile, it is difficult to really conclude on the underlying trend except a return from previous high level.
US: Initial jobless claims (Apr. 14): 232k vs 230k expected (prior: 233k)
- Continuing claims at 1863 k after 1878 k past week.
UK: Retail sales (March): -0.5% m/m vs -0.4% expected (prior: 0.4% revised from 0.6%)
- Extraordinary bad weather conditions have weighted down on monthly sales, and the fall was broad-based across sectors.
- Consumption has weakened in Q1; downside risks remain in place as the political situation has turned more fragile domestically.
Poland: Industrial production (March): 11.4% m/m vs 12.4% expected (prior: -2.2%)
- Technical rebound after the fall past month; the yearly trend has moderated.
Poland: PPI (March): 0.4%m/m vs 0.1% expected (prior: -0.2% revised from -0.3%)
- PPIs have rebounded from -0.1% y/y to 0.3% y/y.