Core CPI inflation was flat for the second month in a row at 1.6% year-over-year. Headline consumer prices slipped -0.7% between Dec. and Jan., and are currently down 0.2% year-over-year. Headline inflation slipped largely due to a drop in gasoline and energy prices. Final demand producer inflation dropped further in February (-0.7% year-over-year), with weakness coming from the previous 10.3% slip in energy prices. Further illustrating deflationary pressures, import prices dropped 2.5% month-over-month impacted by a stronger dollar and falling energy prices.

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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 36,000 to 289,000 in the
week ending March 7, 2015. The four-week moving average was 302,250. The February
employment report stated nonfarm payrolls rose by 295,000 and the U.S. unemployment
rate dropped by 0.2% to 5.5%.
Core CPI inflation was flat for the second month in a row at 1.6% year-over-year.
Headline consumer prices slipped -0.7% between Dec. and Jan., and are currently down
0.2% year-over-year. Headline inflation slipped largely due to a drop in gasoline and
energy prices. Final demand producer inflation dropped further in February (-0.7%
year-over-year), with weakness coming from the previous 10.3% slip in energy prices.
Further illustrating deflationary pressures, import prices dropped 2.5% month-over-
month impacted by a stronger dollar and falling energy prices.
The 10-year U.S. Treasury Note yield dropped 0.07% to 2.13% for the week ending
March 13, 2015. In Janet Yellen’s semi-annual testimony to Congress reaffirmed the
labor market’s strength and maintained that rate increases will be data dependent. She
also provided more color around inflation expectations that suggest the Fed remains on
track to begin policy normalization in the middle of 2015.
Economic Snapshot
March 16, 2015
The Commerce Department reported retail sales dropped 0.6% in February. Wholesale
sales fell 3.1% and business inventories continued to remain flat in January. The second
estimate of 4Q 2014 real GDP put growth at 2.2% q/q saar, under the first estimate of
2.6%. A drop in government spending and increasing trade deficit lowered 4Q GDP
growth from 5.0% in 3Q 2014. The US had the strongest rise in personal consumption
since 1Q 2006 with a rise of 4.2%, reflecting a rise in spending on nondurable goods
and services.
According to the S&P Dow Jones Indices, as of March 6, 2015, of the 492 S&P 500
Index companies reporting 4Q earnings, 338- beat analysts’ estimates. The S&P 500
operating earnings are estimated to be $26.67 for 4Q, representing a -5.6% year-over-
year growth. Lower earnings were primarily due to low oil prices, pension write-offs
and a strong dollar.
Jobs
Inflation
Rates
Growth
Profits

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