The Labor Department reported initial jobless claims increased by 1,000 to 295,000 for the week ending on April 18, 2015. The four-week moving average was 284,500. 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.

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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 increased by 1,000 to 295,000 for
the week ending on April 18, 2015. The four-week moving average was 284,500. 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 were up 0.2% between February and March, and are now flat
yoy seasonally adjusted. Core CPI inflation firmed slightly to 1.8% yoy. Headline
inflation was stronger primarily due to a rise in very low energy prices. Final demand
producer inflation dropped on a year-over-year basis in March (-0.8% yoy), despite a
slight rise in energy prices that caused producer inflation to increase from February to
March.
The 10-year U.S. Treasury Note yield increased 0.06% to 1.93% for the week ending
April 24, 2015. There were no policy changes in the FOMC’s March statement, but it
opened the opportunity for a rate increase this year by removing the word “patient.”
The Fed stressed a rate increase would only happen after more improvement in the
labor market and when the Committee had “reasonable confidence” inflation would hit
2% in the medium term.
The Commerce Department posted that new home sales slipped 11.4% in March.
Durable goods orders increased 4.0% in March. The National Association of Realtors
reported existing home sales increased 6.1% in March, their highest annual rate in the
last 18 months. The U.S. economy continues to grow at an above-trend rate. The final
estimate of 4Q 2014 real GDP put growth at 2.2% q/q saar.
S&P 500 1Q15 earnings season is in full swing, with roughly 50% of the S&P 500
market capitalization reporting last week. J.P. Morgan Funds is estimating S&P 500
earnings growth to be -2.7%, S&P 500 earnings excluding the energy sector are
projected to increase 7.6%. According to the S&P Dow Jones Indices, as of April 17,
2015 of the 60 S&P 500 Index companies reporting 1Q earnings, 44 beat analysts’
estimates.
Economic Snapshot
April 27, 2015
Jobs
Inflation
Rates
Growth
Profits

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