US core CPI up 0.2 percent in March

Higher than expected

  • Core CPI inflation rose to 1.7 percent in March, versus 1.6 percent in February
  • Headline CPI inflation increased to 1.5 percent, versus 1.1 percent in February
  • We expect CPI core inflation to slowly rise to 2 percent

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Petter Lundvik

Economist

USA and India

pelu16@handelsbanken.se

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The chart of the day

Calendar

Fri, Apr 11
      Graph Period Cons. fc Our fc Previous Actual
03:30 China CPI Index (Actual-100=CPI yoy) March 102.4 / 102 / 102.4
07:30 Sweden SHB Publishes Monthly Macro Update
08:00 Germany HICP final April 0.3/0.9 0.5 / 1 0.3 / 0.9
08:00 Germany CPI final April 0.3/1.0 0.5 / 1.2 0.3 / 1
08:00 Sweden Unemployment Rate (PES) March 4.4 4.5 4.3
09:00 Spain HICP March 1.6/-0.2 -0.1 / 0.1 1.6 / -0.2
11:00 Italy Italy to Sell Bonds
14:30 US PPI March 0.4 / 1.3 -0.1 / 1.7
15:55 US University of Michigan Confidence preliminary Apr 81.0
Mon, Apr 14
      Graph Period Cons. fc Our fc Previous Actual
08:00 Finland CPI March 0.2 / 1.3 0.2 / 1
10:00 Italy HICP March -0.3 / 0.4 2.2 / 0.3
10:45 Sweden U/E weekly PES W15 15.334K 17.665K
11:00 Eurozone Industrial Production February 0.2/ 0.1/ 0 0.3
14:30 US Retail Sales Advance March 0.9 0.8/ 0.7 1.1
16:00 US Business Inventories February 0.5 0 0.4
Tue, Apr 15
      Graph Period Cons. fc Our fc Previous Actual
09:00 Sweden HOX, Flat prices March 1.2 / 12.9 1.3 / 12.8
09:00 Sweden HOX,Houses and flats prices total March 0.9 / 8.7 1.1 / 9.2
09:00 Sweden HOX, House prices March 0.7 / 6.7 1 / 7.3
10:30 UK CPI March 0.6 / 1.8 0.2 / 1.7
11:00 Germany ZEW Eurozone Economic Sentiment April 61.5 61.2
11:00 Germany ZEW Economic Sentiment April 45.0 46.6 43.2
11:00 Germany ZEW Current Situation April 51.5 51.3 59.5
14:30 US Empire Manufacturing April 8.0 5.6 1.3
14:30 US CPI, less food and energy March 0.1/1.6 0.1/ 0.1 / 1.6 0.2 / 1.6
14:30 US CPI March 0.1/1.4 0.1/ 0.1 / 1.1 0.2 / 1.5
16:00 US NAHB-Wells Fargo Housing Market Index April 50 50 46 47
Wed, Apr 16
      Graph Period Cons. fc Our fc Previous Actual
04:00 China GDP (subtract 100=y-o-y %change) Q1 107.3 107.2 / 107.7 / 107.4
04:00 China GDP q-o-q, sa Q1 1.5 1.7 1.4
04:00 China Industrial Production March 8.8 8.6 8.8
04:00 China Business Confidence Q1 121.5 119.5
04:00 China Retail Sales March / 11.8 / 12.2
10:00 Norway Trade Balance March 33120M
10:30 UK ILO Unemployment Rate, sa January 7.2
10:30 Germany Germany to Sell 10-yr bonds
11:00 Eurozone CPI March 1.0/0.5 0.3 / 0.8
11:00 Eurozone CPI Core March /0.8 1.5 / 0.8
11:03 Sweden SNDO T-bill auction:15bn
14:30 US Housing Starts March 970K 1.000M 907K
14:30 US Building Permits March 1.013M 1.000M 1.014M
15:15 US Industrial Production, sa March 0.5 0.5/ 0.6
15:15 US Capacity Utilization March 78.8 78.4
15:15 US Manufacturing (SIC) Production, sa March 0.6 0.9
15:15 US US Federal Reserve Releases Beige Book
Thu, Apr 17
      Graph Period Cons. fc Our fc Previous Actual
07:00 Japan Consumer Confidence March 38.2
08:00 Germany PPI March 0.0/-0.7 0 / -0.8
10:50 France France to Sell Bonds
14:30 US Initial Jobless Claims W14 315K 300K
16:00 Canada Policy Rate 4/16/2014 1.0 1
16:00 US Philly Fed April 10.0 9
Fri, Apr 11|
Mon, Apr 14|
Tue, Apr 15|
Wed, Apr 16|
Thu, Apr 17
View the complete calendar

Latest publications in

Fast Comment US — Core CPI up 0.2 percent in March, higher than expected

  1. Core CPI inflation rose to 1.7 percent in March, versus 1.6 percent in February
  2. Headline CPI inflation increased to 1.5 percent, versus 1.1 percent in February
  3. We expect CPI core inflation to slowly rise to 2 percent

Petter Lundvik, Economist | pelu16@handelsbanken.se

Fast Comment US — Retail sales up 1.1 percent in March, stronger than expected; February revised up

  1. Motor vehicles and parts rose by 3.1 percent, versus 2.5 percent in February
  2. Building materials up 1.8 percent, versus a decline of 0.6 percent in February
  3. Electronics declined by 1.6 percent, versus an increase of 0.4 percent in February

Petter Lundvik, Economist | pelu16@handelsbanken.se

The Week Ahead — April 14-17, 2014

US: Retail sales up 0.8 percent in March
Sweden: No items
Norway: No items
EMU: IP grows slowly in February
China: Slowdown - but no hard landing

Petter Lundvik, Economist | pelu16@handelsbanken.se

UK Next Week's Agenda and Wrap Up — April 11, 2014

- Headlines for the UK economy and global highlights
- Wrap up
- Next week’s agenda
- Financial overview, government bond yields and financial forecasts
- The economy
- News and statements during the week

Helena Trygg, Economist | hetr01@handelsbanken.se

Monthly Macro Update — Global recovery scenario remains on track

China: No imminent crisis, but reforms going too slowly
Eurozone: Downside data risks make second quarter ECB move likely
US: Inflation not a good indicator of resource utilisation
Sweden: How long will monetary policy stand alone at the wheel?

Jan Häggström, Head of Macro Research | jaha05@handelsbanken.se