US DATA: Dec CPI unch, core +0.1% (0.01455% unrounded) for +3.0% YOY
overall and +2.2% YOY core. Food +0.2% as cereals and meats jumped.
Energy -1.3% as oil -1.0% and gasoline -2.0%. In core, apparel -0.1%
(mens and womens dropped from large Nov gains) and new cars -0.2%
(+0.2% NSA) held down the gain. Prescription drugs +0.4% and tobacco
+0.4% boosted it. OER +0.2%. Overall as expected, but overall CPI is up
from +1.5% in 2010.
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Initial Unemploy Claims -50k to 352k for the Jan 14 payroll survey wk,
well under estimates, but this pd leads into Monday MLK holiday. Nothing
unusual but DOL warns that volatility is common in Jan (comes off +27k
last wk). Claims were 366k in mid-Dec so current level is a very slight
improvement; also 4wk avg of 379k is similar to mid-Dec 4wk avg of 381k.
Still, this was the biggest drop since Sept 24, 2005’s -65k in
mid-expansion. Continuing claims -215k to 3.432m in the Jan 7 wk.