Thursday, July 7, 2011

Tuesday Spotlight: Retail, Producer Price Data

Tuesday Spotlight: Retail, Producer Price Data - MarketBeat - WSJ
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  • 8:30 a.m. — Advanced retail sales data for November are due. The top-line numbers are expected to show a 0.5% increase, with the ex-autos number arriving at 0.8%. Last time, the headline numbers showed a 1.2% increase. That was the largest monthly jump since March and the fourth-consecutive month of increased spending. Excluding auto sales, which can be volatile from month to month, retail sales rose a more moderate 0.4% last time.
  • 8:30 a.m. — The producer-price index, which measures how much manufacturers and wholesalers pay for goods and materials, is expected to show a seasonally adjusted headline gain of 0.8%. The core measure — which strips out food and energy prices — is expected to be a much more muted 0.2%. Last time, the headline number rose a seasonally adjusted 0.4% in October from a month earlier. Taking out food and energy prices, which can be volatile from month to month, wholesale prices fell 0.6% in October, the sharpest one-month drop in more than four years.
  • 10 a.m. — Data on U.S. business inventories is expected to show a 1% increase in October. Last time, the Commerce Department reported that U.S. business inventories rose 0.9% in September from the prior month, to a seasonally adjusted $1.4 trillion.
  • 2:15 p.m. — The interest rate decision from the Fed’s key rate setting committee is due. Of course, nobody expects a rate hike but all eyes will be on the language of the statement. “We are curious to see whether the Fed will say anything about the steep rise in yields since the announcement of QE2, and if so whether it will seek to tie in the increase with the firmer tone of much of the recent economic data,” wrote Ian Shepherdson, chief U.S. economist at High Frequency Economics.
  • Also, an earnings report is due from Best Buy. See you then.

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