US DATA: Unemploy claims for Feb 11 wk -13k to 348k (a low since Mar 8,
2008) and Labor Dept says there were no special factors. Claims are in a
downtrend – compares to 355k in mid-Jan and to a 374k Dec avg – and this
suggests another robust gain for Feb payrolls of more than +200k.
–
Jan PPI +0.1%, core +0.4% (0.04447% unrounded) for +4.1% YOY overall and
+3.0% YOY core. Foods -0.3% as eggs, veg and cheese fell. Energy -0.5%
in a 4th drop as nat gas and heating oil fell; gas was +2.0% (+3.2%
NSA). In core about 40% of the gain was in pharma at +2.0% (was +2.1% in
Jan’11 so might be bad adjustment though this area has risen for some
time), appliances +1.5%, consumer plastics +1.2% and lt trucks +0.9%
(also +0.9% NSA). Cars -0.8% (-0.2% NSA). Intermed PPI -0.4%, crude
+1.5% as food, sand and scrap metals jumped. PPI gains are not yet
bolstering the general price level.