Economic data released this morning showed a collapse of retail sales and industrial production in February. Some analysts say the numbers are weather related, but usually these things are factored into the estimates, and the analysts are very good at estimates.
The miss could also be due to consequences of government interference in private markets with stimulus payments, and lockdowns. Consumers are growing used to checks, and when the don’t get them…well…
Export/Import prices rose more than expected as well for the month.
Financial markets were mixed on the day with interest rates declining, and oil prices rising.
Retail Sales ex Autos (MoM) (Feb) printed at -2.7% vs -0.1% consensus estimate.
Import Price Index (MoM) (Feb) printed at 1.3% vs 1.2% estimate.
Import Price Index (YoY) (Feb) printed at the estimate of 3%.
Export Price Index (MoM) (Feb) printed at 1.6% vs 0.9% estimate.
Export Price Index (YoY) (Feb) printed at the estimate of 5.2%
Retail Sales Control Group (Feb) printed at -3.5% vs -0.9% estimate.
Retail Sales (MoM) (Feb) printed at -3% vs -0.5% estimate.
Industrial Production (MoM) (Feb) printed at -2.2% vs 0.6% estimate.
Capacity Utilization (Feb) printed at 73.8% vs 75.8% estimate.
Business Inventories (Jan) printed at the estimate of 0.3%.
NAHB Housing Market Index (Mar) printed at 82 vs 83 estimate.