Jobless Claims (week ended 12/8/2012)
New Claims – 343,000. Previous week was revised down to 372,000.
4-week Moving Average 381,500
Unadjusted New Claims were 428,814 down 72,117 from the previous week.
Claims have decreased for 4 consecutive weeks.
Initial Jobless Claims data has been distorted: 1) Sandy 2) Christmas hiring and 3) seasonal layoffs due to bad weather. Nonetheless, the data is positive.
Retail Sales (November 2012)
Retail Sales – Month/Month 0.3%
Retail Sales less autos – Month/Month 0.0%
Less Autos & Gas – Month/Month 0.7%
Since Retail Sales in the previous month had been impacted by Sandy and were down 0.3% in both total and less Autos/Gas what we see is a 2 month period of rather modest increase.
PPI (November 2012)
PPI – Month/Month -0.8%
PPI – Year/Year 1.4%
PPI less food & energy – Month/Month 0.1%
PPI less food & energy – Year/Year 2.2%
The 0.8% drop in Month/Month is largely due to the decreased cost of energy. The index for finished energy goods fell 4.6 percent in November.
Business Inventories (October 2012)
Inventories – Month/Month 0.4%. Previous was +0.7%.