Weekly Economic Update: May 9-13, 2011
Overview: The U.S. trade deficit widened 6.2% in March to $48.2 billion. Retail sales increased 0.5% in April. The topline PPI rose 0.8% in April as the core PPI increased 0.3%. The topline CPI was up 0.4% in April as the core CPI rose 0.2%. Business inventories increased 1.0% in March. Initial jobless claims fell by 44,000 to a level of 434,000 for the week ended 5/7.
- The U.S. trade deficit widened $2.8 billion (6.2%) to $48.2 billion in March. Imports increased 4.9%, largely due to rising oil prices and strong demand. Exports increased 4.6%, owing primarily to a weak dollar and rapid growth in developing countries.
- Retail sales rose 0.5% in April. Excluding autos, sales were up 0.6%.
- The topline producer price index (PPI) increased 0.8% in April; the core PPI rose 0.3%. Rising energy prices continued to push the topline PPI higher. On a year-over-year basis, the PPI was up 6.6%.
- The topline consumer price index (CPI) increased 0.4% in April; the core CPI rose 0.2%. On a year-over-year basis the CPI was up 3.1%.
- Business inventories rose 1.0% in March
- Initial jobless claims fell by 44,000 to 434,000 for the week ended May 7th.