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US Retail Sales Rise

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US Retail Sales Rise

There has just been a bumper data release out of the US which includes updates on Employment, Trade and the Consumer Sector. On the consumer side the headline release is the Retail Sales data for the month of May, month on month this is now showing an increase of 0.3% compared to a rise of just 0.1% in April and a consensus estimate figure of 0.6%. Also of importance is the Retail Sales ex-Autos figure, this is now showing at 0.1% in comparison to no growth in April and a market consensus estimate of 0.4%.

On the employment front, the Initial Jobless Claims for the week ending June 6h are now at 317k, this is in contrast to the 312k figure seen the week before and the market consensus estimate of 310k newly unemployed. One week out of synch is the Continuing Jobless Claims statistic, for the week finishing May 30th this is now reading at 2.614M compared to 2.603M the previous week and the anticipated reading of 2.598M.

Finally, international trade prices are also on the agenda today. Imports first, May’s Import Price Index has just been released as having changed 0.4% year on year, this compares to 0.3% contraction seen in this number in the month of April. The month on month change now looks like 0.1% as opposed to April’s 0.4% fall, markets had expected this be read as a 0.2% rise this month. Turning to the Export Price Index and this is now producing a year on year change of 0.5% in contrast to last month’s 0.1% growth. Month on month this number is showing a change of 0.1% which is noticeably different from April’s -1.0% contraction, markets had anticipated the slight 0.1% rise in this number. Producer Price Index data due tomorrow will shed some further light on US price changes.

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