US: lower retail sales than expected; moderate rise in PPI
US: Retail sales (Feb.): -0.1% m/m vs 0.3% expected (prior: -0.1% revised from -0.3%)
- Sales ex food, building materials, autos and gas were up by 0.1% m/m vs 0.4% m/m expected (0% m/m prior month).
- Sales were down over the month for several sectors, except for building materials, sport and internet sales.
- Some volatility effects have probably weighted down on sales, but momentum has weakened since the peak in sales in past November. These data put some downward pressures to Q1 GDP estimates around or just below 2%.
US: PPI (Feb.): 0.2% m/m vs 0.1% expected (prior: 0.4%)
- PPIs were up by 2.8% y/y after 2.7% y/y past month. PPI ex food, energy and trade were up by 0.4% m/m (2.7% y/y after 2.5% y/y).
- Food and energy prices were down over the month, while services (transport sector) were up by 0.3% m/m.
- Trend in PPIs (core and headline) is still rising, but pressures over the month were moderate and concentrated on few sectors.
US: Business inventories (Jan.): 0.6% m/m as expected (prior: 0.6% revised from 0.4%)
- Inventories have rebounded in autos and trended slightly higher in building materials. Total sales were weak, down by 0.2% m/m.
Sweden: CPI (Feb.): 0.7% m/m as expected (prior: -0.8%)
- Trend in headline prices was stable at 1.6% y/y; core inflation was up by 0.7% m/m, up by 1.7% y/y.
Eurozone: Industrial production (Jan.): -1% m/m vs -0.5% expected (prior: 0.4%)
- Production in energy and intermediate goods contracted in Jan. (good weather conditions), while production of capital goods was up by 1.2% m/m.
- Trend in total production remains positive, but it has moderated at 2.7% y/y from 5.3% y/y prior month.
Italy: Retail sales (Jan.): -0.5% m/m (prior: -0.9% revised from -0.3%)
- Trend in sales has deteriorated ahead of elections (-0.8% y7y after -0.2% y/y).
Spain: Retail sales (real) (Jan.): 2.2% y/y vs 2.4% expected (prior: 0.6% revised from 1.2%)
- Sales have rebounded, driven higher by purchases of household goods.