Economic Week in Review 11 Apr
- A fairly light week in terms of economic releases due to the holiday and the beginning of US earnings season
- EIA Petroleum report another increase in crude inventory of 1.7 million barrels for the week. In spite of multi-year surplus levels, it was noted that gasoline prices are rising largely due to effect of the large surplus' effect on refinery activity (larger supply decreases refinery output) and in spite of short term strength in the Dollar.
- Bank of England (BOE) left key interest rate unchanged at .5%.
- The US trade deficit fell unexpectedly as a result from a steep decline in US import demand reflecting a significant decline in spending among US consumers and businesses.
- Jobless claims report reflected mixed results. The initial (new) claims declined but continuing claims rose to a record level.
- Treasury Budget reflected a much higher than expected deficit at 192.3 Billion for March. The deficit now stands at 956.8 Billion (double the deficit at this time last year) half way through the fiscal year. This is the evidence that the Government is convinced that the solution to a spending and debt crises is to SPEND MORE, PRINT MORE, and CREATE MORE DEBT.
- The upcoming week's economic calendar is quite active including key reports PPI, Retail Sales, CPI, TIC (Treasury International Capital), Industrial Production, Housing Market Index, Housing Starts, Jobless Claims, and Consumer Sentiment. China's Q1 economic growth data 16 April.
