US DATA: Sept PPI +0.4%, core +0.1% (+0.1146% unrounded) for YOY
rates of +4.0% overall and +1.6% core. Within core, lt trucks +0.6%,
cars +0.5%, & pharma +0.3% were offset by sanit paper -1.2% and drops in
prices for electrical eqpt. Food continues seesaw at +1.2% overall as
butter (+17.2%, biggest gain since Nov’09), meats, chicken, veg jumped.
Energy +0.5% as drops in nat gas and gasoline offset jumps in elec and
LPG. Overall data were benign even tho Street underestimated total PPI
gain. Intermediate PPI +0.5% (foods up) but crude -0.5% (energy fell).
–
Initial Unemployment Claims +13k to 462k for Oct 9 wk – the run up to
Columbus day holiday and the qtr-end surge effect. Due to holiday, 5
states estimated. This is close to the 457k 4wk avg and prob should be
ignored; will drop next wk. Continuing claims -112k to 4.489m/Oct 2 wk.
Labor mkt data have been pretty steady since Sept-showing slow growth.