Initial Claims increased to 462,000, for the week ending 10/09, against the expected decrease to 445,000, after decreasing to 449,000, the revised level for the previous week. The 4-week moving average increased to 459,000, from the previous week’s revised average of 456,750. Seasonally adjusted insured unemployment from the prior week, ending on 10/02, was 4,399,000, a decrease of 112,000 from the preceding week’s revised level of 4,511,000. Seasonally adjusted insured unemployment rate from the week ending on 10/02, was 3.5%, a decrease of 0.1% from the previous week’s revised figure of 3.6%.
The Producer Price Index increased by 0.4% in September to 180.2 (1982=100), higher than the expected 0.2% increase, following a 0.4% increase in August and a 0.2% increase in July. Over the year, the index has advanced 4.0%, the eleventh consecutive12-month increase. The index for energy goods increased by 0.5% in September whereas prices for consumer foods increased by 1.2%. Excluding food and energy prices, Core PPI increased 0.1%, after increasing by 0.1% in August.
The Trade Deficit increased by $3.7 billion to $46.3 billion in August, against the expected increase to $43.9 billion, from a revised figure of $42.6 billion for July. August exports increased by $0.3 billion to $153.9 billion, offset by imports, which increased by $4.1 billion to $200.2 billion. The Commerce Department provided the August figures of the trade balance of the U.S. relative to selected trading partners, in billions of dollars, with surpluses in Hong Kong ($1.9), Australia ($1.0), Singapore ($1.1) and Egypt ($0.4). Deficits were recorded, in billions of dollars, with China ($28.0), OPEC ($9.0), the European Union ($8.1), Mexico ($6.0), Japan ($5.8), Canada ($2.2), Nigeria ($2.7), Venezuela ($2.2), Ireland ($2.5), and Germany ($3.4), Taiwan ($1.2) and Korea ($1.3).
Crude inventories are expected today at 10:30 AM EST. For the week ending October 1, U.S. commercial crude oil inventories had increased by 3.1 million barrels from the previous week to 360.9 million barrels and were above the upper limit of the average range for that time of year. U.S. crude oil refinery inputs averaged 14.2 million barrels per day during this period, 515 thousand barrels per day below the previous week’s average. U.S. crude oil imports were averaging 8.9 million barrels per day, down by 79 thousand barrels per day from the previous week.
Upcoming Releases
Crude Inventories (10/14 at 10:30 AM EST)
Retail Sales (10/15 at 8:30 AM EST)
CPI (10/15 at 8:30 AM EST)
Business Inventories (10/15 at 10:00 AM EST)
