Full Schedule Of Today's Economic Data
Busy day with the usual Thursday fare of Initial claims, as well as Empire Manufcaturing survey, PPI, and the Philly Fed, which will reflect just two things - the reflation in global capital markets courtesy of non-Fed balance sheet expansion, and soaring gas prices courtesy of the same. Average regular is now $3.821, an all time high for this day in history.
8:30 am: Initial jobless claims, Empire manufacturing and the producer price report.
- Initial jobless claims are expected to decline to 357,000 for the week ending March 10, a 5,000 drop from the week prior. The four-week moving average would increase slightly, to 356,000 from 355,000.
- After surging to 19.5 in February, the NY Empire Manufacturing Index is expected to decline modestly, to 17.5.
- Finished goods producer prices should rise 0.4% in February, as January's surprise declines in food and energy producer prices are reversed. A sharp increase in oil prices is the main culprit. Against year-ago levels, finished goods PPI should increase 3.3% - the slowest annual pace since November 2010. Goldman forecasts that the February Producer Price Index (PPI) increased by 0.37% month-over-month, reflecting the recent run-up in energy prices. The muppet master expects a moderate 0.12% (month-over-month) in the core PPI.
10:00 am: March Philly Fed report. After rising for three consecutive months, the Philly Fed index is expected to moderate to +12.0 in March from +10.2 in February. In other words, expect it to print 5-6 standard averages away from the median consensus.
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