First 2 Quarters on 2016 Show Lower Retail Sales.

PPI-FD (February 2016)

– PPI-FD month/month   -0.2%. Previous was +0.1%
– PPI-FD year/year    +0.0%. Previous was -0.2%
– PPI-FD less food & energy month/month  +0.0%. Previous was +0.4%
– PPI-FD less food & energy year/year   +1.2%. Previous was +0.6%
– PPI-FD less food, energy & trade services month/month  +0.1%. Previous was +0.2%
– PPI-FD less food, energy & trade services year/year   +0.9%. Previous was +0.8%

Inflation remains muted.

Retail Sales (February 2016)
– Retail Sales month/month  -0.1%. Previous was -0.4%
– Retail Sales less autos month/month -0.1%. Previous was -0.4%
– Less Autos & Gas month/month  +0.3%. Previous was -0.1%

The big news here is the large revision for January Retail sales moving it from +0.2% to -0.4%.  Retail sales is the heart of GDP and this is not encouraging for 1stQ2016.

Empire State Manufacturing Survey  (March 2016)

– General Business Conditions Index   +0.62. Previous was -16.64.

This is the first gain in this regional manufacturing report in the past 8 months.

Redbook Chain Store Sales  (week ended 3/12/2016)

– Store Sales year/year  +0.6%. Previous was +0.7%

This indicates continues disappointing consumer spending.

Business Inventories (January 2016)

– Inventories month/month +0.1%. Previous was +0.0%

Housing Market Index (march 2016)

– Housing Market Index 58. Previous was 58.