US PPI data for March 2021
****CNBC is reporting some of the data. What we hear is 1.0% vs 0.5%. The ex and food up 0.7% vs 0.2%. The jump seems to be higher than expected.
- PPI final demand MoM 1.0% versus 0.5% estimate
- Ex food and energy MoM 0.7% vs 0.2% estimate
- Ex food, energy, trade MoM 0.6% versus 0.2% estimate
- PPI final demand YoY 4.2% vs 3.8% est.
- Ex food and energy YoY 3.1% versus 2.7% estimate
- Ex food, energy, trade YoY 3.1% versus 2.7% estimate
Energy up over 5% on the month
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Starting this month, the data will start to drop off the declines from the start of the pandemic. A year ago PPI fell by -0.5%. In April it fell by -0.5% and in May it fell by -1.1%. When you replace a negative with a positive like this month you get big jumps in the YoY values. The Fed views these jumps as transitory.
The the futures have been spooked by the higher number despite the Fed's perspective. The NASDAQ index is down -82 points. The S&P index is down about -5 points.
The 10 year yield is currently up around 6.2 basis points at 1.681%
The CPI data will be released on Tuesday.
