The Producer Price Index increased by 0.8% in January to 184.4 (1982=100), the seventh such straight rise, matching expectations, following a 0.9% increase in December and a 0.7% increase in November. Over the year, the index has advanced 3.6%. The index for energy goods increased by 1.8% in January whereas prices for consumer foods increased by 0.3%. Excluding food and energy prices, Core PPI increased by 0.5% after increasing by 0.2% in December.
Housing Starts in January increased by 14.6% to an annual pace of 596,000, higher than the expected level of 535,000, from the revised figure of 520,000 in December (originally reported at 529,000). Over the year the figure has decreased by 2.6% from the January 2010 rate of 612,000. Building Permits decreased by 10.4% over the month to 562,000, lower than the expected level of 566,000, following 627,000 permits annualized in December (originally reported at 635,000). Over the year, Building Permits decreased by 10.7% from the 629,000 pace in January 2010.
Industrial Production decreased by 0.1% to an index value of 95.1 (2007=100) in January, against the expected 0.5% increase, following a 1.2% increase in December. Over the year, the industrial production index is up by 5.2%. Capacity Utilization decreased to 76.1% for January from 76.2% in December and was 4.4 percentage points below its average for the period from 1972 through 2010. In January 2010, Capacity Utilization was measured at 72.3%.
Crude inventories are expected today at 10:30 AM EST. For the week ending February 4, U.S. commercial crude oil inventories had increased by 1.9 million barrels from the previous week to 345.1 million barrels and were above the upper limit of the average range for that time of year. U.S. crude oil refinery inputs averaged 14.3 million barrels per day during this period, 42 thousand barrels per day above the previous week’s average. U.S. crude oil imports were averaging 8.9 million barrels per day, down by 105 thousand barrels per day from the previous week.
Upcoming Releases
Crude Inventories (02/16 at 10:30 AM EST)
Initial Claims (02/17 at 8:30 AM EST)
CPI (02/17 at 8:30 AM EST)
Leading Indicators (02/17 at 10:00 AM EST)
