Macroeconomy

  • 2019-03-22 10:12


    --Jan Wholesale Sales Up 0.5%; Inv/Sales Ratio Rises To 1.34
    --Business Sales Tracking +0.1%

    WASHINGTON (MNI) - January wholesale inventories increased by 1.2%, vs. +0.1% expected by both a Bloomberg consensus and an MNI survey of analysts, while wholesale sales were up 0.5% in the month, data released by the U.S. Commerce Department Friday showed.

    Retail trade sales, those excluding food services sales, were already reported up 0.2% in January's retail sales release, while factory shipments fell 0.4%, so an MNI calculation sees business sales tracking for a 0.1% gain.

    Factory inventories were already reported up 0.5%. Since advance retail inventories have not been released, MNI cannot calculate a preliminary estimate for business inventories.

  • 2019-03-22 08:51


    By Yali N'Diaye

    OTTAWA (MNI) - The following are the key points from the February data on the Canadian CPI released Friday by Statistics Canada:

    - Headline unadjusted CPI rose 0.7% on the month, more than the 0.6% gain expected by analysts in a MNI survey, with all the eight major components recording an increase. On a seasonally adjusted basis, CPI was up 0.3% on the month, and 0.2% excluding food and energy.

    - The monthly boost came in large part from gasoline prices, which were up 1.9%, their first monthly increase since July 2018. CPI excluding gasoline rose 0.6% on the month, the largest gain in a year.

  • 2019-03-22 08:35


    By Courtney Tower

    OTTAWA (MNI) - The following are the key points from the January data on retail sales released Friday by Statistics Canada:

    - Canadian retail sales decreased 0.3% to C$50.1 billion in January, largely on a 1.5% drop in sales of motor vehicles and parts and essentially due to price changes rather than volume changes. Analysts in a MNI survey and in a BBG consensus had expected a 0.4% gain. The estimate for December was revised down to -0.3% from -0.1%.

    - Retail sales excluding motor vehicles and parts were up 0.1%. And total sales by volume were unchanged.

    - The decrease in total sales for the third straight month had not been seen since the three-month decline in April-June 2012.

  • 2019-03-21 20:15


    --Japan Core CPI Up 0.7% y/y In February Vs. +0.8% in January

    TOKYO (MNI) - The Bank of Japan's outlook on prices remains cautious as the latest data confirmed the country remains locked in a low inflation environment.

    Japan's nationwide core consumer price index rose 0.7% on year in February, decelerating from 0.8% in January. Core CPI rise was expected to come in at +0.8% on year (vs.

  • 2019-03-21 08:30


    By Yali N'Diaye

    OTTAWA (MNI) - The following are the key points from the January data on the Canadian wholesale sales released Thursday by Statistics Canada:

    - Total wholesale sales rose 0.6% in January to C$63.5 billion, the largest gain since October 2018. The monthly advance lifted the 12-month growth rate to 1.8% from 1.7%. December was unrevised at +0.3%.

    - Details of the report were generally robust, with widespread gains across sectors and regions. Sales increased in five of 7 subsectors, representing 70% of total wholesale trade. Regionally, sales were up in 7 provinces, representing 90% of wholesale trade.

  • 2019-03-20 07:00


    WASHINGTON (MNI) - The following is the text of the Mortgage Bankers Association's Mortgage Applications Survey released Wednesday morning:

    Mortgage applications increased 1.6 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending March 15, 2019.

    The Market Composite Index, a measure of mortgage loan application volume, increased 1.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 2 percent compared with the previous week. The Refinance Index increased 4 percent from the previous week.

  • 2019-03-20 04:37


    --Japan Government's Downward Revision First Since March 2016

    TOKYO (MNI) - Japan's government downgraded its overall economic assessment Wednesday, saying that the Japanese economy is recovering at a moderate pace "while weakness is seen recent in exports and industrial production in some sectors."

    But the government didn't think the economic recovery has stalled, an official at the Cabinet Office said.

    Back in February, the government simply said, "The Japanese economy is recovering at a moderate pace." The downward revision is the first time since March 2016.

    The government also lowered its assessment of industrial production for the second straight month, saying, "Industrial production is almost flat", although weakness is seen in some sectors.

  • 2019-03-19 20:43


    TOKYO (MNI) - Policy coordination with the government will be more important if downside risks to economic activity and prices materialized, argued a few Bank of Japan board members argued, the minutes of the January 22-23 policy meeting released Wednesday showed.

    However, the board largely saw no imminent need to consider taking additional easy policy, as Japan's economy is expanding moderately underpinned by the virtuous cycle from profits to spending.

    However, one member "expressed the recognition that hastily changing policy amid a situation of high uncertainties would instead entail risks including accumulation of financial imbalances and increasing swings in economic activity, and therefore, it was important for the BOJ to take appropriate action in light of the pre

  • 2019-03-19 10:15


    --Factory Inventories Up 0.5%
    --Orders Up On Machinery, Electrical Equipment, and Transportation

    WASHINGTON (MNI) - The value of new factory orders rose 0.1% in January, below the 0.3% increase expected by analysts in an MNI survey and the Bloomberg consensus, data released by the Commerce Department Tuesday morning showed.

    Durable goods orders were revised down to a 0.3% gain from the 0.4% increase in the advanced estimate. Nondurable goods orders fell 0.2% on declines in chemical products, petroleum and coal products, and textile products. Nondurable goods new orders are equivalent to nondurable goods shipments in this report.

  • 2019-03-18 08:30


    By Yali N'Diaye

    OTTAWA (MNI) - The following are the key points from the January data on Canada's international transactions in securities, released Monday by Statistics Canada:

    - Foreign investors bought C$28.4 billion in Canadian securities in January, the largest investment since May 2017, following a C$20.5 billion divestment in December. Investment in Canadian securities fell to C$67.1 billion in 2018 from C$189.2 billion in 2017.

    - In January, foreign investment focused on Canadian debt securities (C$19.4 billion), led by a C$14.3 billion investment in bonds. Investors favored Canadian government bonds, increasing their portfolio exposure by C$15.2 billion, led by a record C$12.9 billion investment in federal government bonds.