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US TIC Data Improves

James Boston
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The US Treasury has just released the Treasury International Capital (TIC) data for the month of July. The Total Net TIC Flows for the month have been reported as $57.7Bn compared with -$153.5Bn in June, the consensus estimate was for this number to pick up to closer to -$8Bn. The Net Long Term TIC Flows now stand at -$18.6Bn in comparison to -$18.7Bn in June, expectations here were for an improvement to -$9.Bn in July.

Slightly earlier in the day the US Department of Labor published the updated Producer Price Index (PPI) data for the month of August. Year on year this index is now showing expansion of 1.8%, the recorded July number was for 1.7% and there was an anticipation for this pick up to 1.8% in these latest figures. Month on month the PPI is now reading at 0.0% compared to the slight gain of 0.1% in July and a market consensus estimate that there would be the flat 0.0% growth in today’s data. The less volatile Core PPI data largely mirrors the general readings, the August year on year number was reported as expanding 1.8% in comparison to the July reading of 1.6%, this growth in the index of 1.8% was anticipated by market analysts. The month on month Core PPI number has been revealed as growing 0.1% over July, the previous month’s recorded expansion was 0.2% and the consensus estimate was for the 0.1% growth in the ex food and energy number in August.

On the retail sales side, the latest Redbook data has just been published for the week ended September 12th. Year on year growth is now reading at 3.6% compared to the previous week’s recording of 4.9% expansion. The Month on month version is showing -0.4% change following the 0.2% expansion reported during the prior week.

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