US PPI
- Prior was +0.9% y/y (revised to +0.8%)
- PPI m/m +0.6% vs +0.3% expected (prior was +0.3%)
Core:
- PPI ex food and energy y/y +2.0% versus +1.9% expected. Prior month +2.0%
- PPI ex food and energy m/m +0.3% versus +0.2% expected. Prior month +0.5%
- PPI ex food and energy/trade +2.8% y/y versus 2.6% prior
- PPI ex food and energy/trade +0.4% m/m versus 0.6% last month
70% of the rise in February goods PPI can be attributed to the index for energy, which jumped 4.4%. With oil above $80 today, I wonder if the market doesn't stay focused on the energy side for awhile longer, particularly if $85-90 hits.
The US dollar is stronger on this and better initial jobless claims, despite a miss on retail sales.
Update: That move has now faded and we're back to square.
