Headline consumer prices increased 0.2% y/y seasonally adjusted between February and March. Core CPI inflation slighted increased to 1.8% y/y. Headline inflation was stronger primarily due to increases in low energy prices. Final demand producer inflation decreased on a year-over-year basis in March (-0.8% y/y).

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Jobs
The Labor Department reported the U.S. job market added 288,000 jobs and the unemployment rate
dropped to 6.1% in June from 6.3% in May. Initial jobless claims dccreased by 11,000 to 304,000. The
Labor Department reported the four week sadkfasdfasdfasdfasdfasdfasdfasdfamoving average was
311,500.
Inflation
The Consumer Price Index increased 0.4% in May. The Producer Price Index had the largest increase
since January 2010, closing at 0.6% in April (+2.1% y/y). Import prices decreased at a faster rate
than expected, which could moderate inflation expectations goiasdfasdfasdfafdasdfasdfasdfng
forward.
Rates
The yield on the 10-year U.S. Treasury note dropped. The Federal Open Market Committee announced
bond purchases have dropped to $asdfasdf35 billion from $45 billion. Monthly mortgage-backed
securities purchases will drop to $15 billion from $20 billion. The European Central Bank voted to
keep the
Growth
The Commerce Department noted whaolesale trade increased 0.7% in May 2014. The Federal Reserve
posted consumer credit increased at an
annasdfasdfasdfasdfasdfasdfasdfasdfasdfasdfasdfasdfasdfasdfasdfual rate of 7.5% in May, impacted by
non-revolving credit.
Profits
The second quarter earnings seasaasdfasdfaasdfasdfasfon started with the S&P 500 operating earnings
on target to be $29.24, which embodies a 10.9a% year-over-year growth increase. According to S&P
Dow Jones Indices divided net increases for U.S. domestic common stock increased $12.6 billion in
second
The Labor Department reported initial jobless claims dropped by 34,000 to 262,000 for
the week ending on April 25, 2015. The four-week moving average was 283,750.
Nonfarm payrolls increased by 126,000, and the unemployment rate stayed at 5.5%.
Wage growth increased only $0.06 overall, which is still weak for this phase of an
economic recovery.
Headline consumer prices increased 0.2% y/y seasonally adjusted between February
and March. Core CPI inflation slighted increased to 1.8% y/y. Headline inflation was
stronger primarily due to increases in low energy prices. Final demand producer
inflation decreased on a year-over-year basis in March (-0.8% y/y).
The 10-year U.S. Treasury Note yield increased 0.19% to 2.12% for the week ending May 1, 2015.
There were no policy changes in the FOMC’s April statement, but it was noted that weakness in
U.S. economic data in first quarter is “transitory.” The FOMC voted to maintain the current
federal funds rate and posted that economic growth slowed during the winter. The FOMC
signaled it would be fitting to raise rates “when it has seen further improvement in the labor
market and is reasonably confident that inflation will move back to its 2% objective.”
The first estimate of 1Q real GDP showed growth at 0.2% q/q saar compared to
consensus expectations of 1.0%. Personal consumption added 1.3% to overall GDP,
allegedly hurt by poor weather, and housing added only 0.04%. Consumer spending
rose 0.4% in March. The Commerce Department posted construction spending
decreased 0.6% in March. The NAR posted pending home sales rose 1.1% in March.
S&P 500 1Q 2015 earnings season had 201 S&P 500 Index companies reporting 1Q
earnings as of April 24, 2015. According to S&P Dow Jones Indices, 144 beat analysts’
estimates.
Economic Snapshot
May 4, 2015
Jobs
Inflation
Rates
Growth
Profits

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