Import Prices Jump Higher Than Expected Due to Oil Price Shift
The cost of imports in February saw the biggest jump in 9 months, with the increase due entirely to the rising price of fuels like oil and natural gas. Other import prices remained relatively flat, pointing to tame inflation pressures.
Durable Goods Orders Rise Above Expectations, Gold Prices Hold Gains
Durable goods orders rose by 0.4% in January vs -0.4% decline expected according to a Commerce Department report released on Wednesday which was delayed by the government shutdown. US factories saw increased demand for manufactured goods – however, the increase was largely due to the volatile aircraft category.
Gold Price Holds Gains as February PPI Below Expectations
The Producer Prices Index (PPI) for February has clocked in at a 0.1% rise, below market expectations of 0.2% but recovering from the -0.1% drop the month before.
US Consumer Prices Increase in February, Gold Price Rises
The US Labor Department has reported that the Consumer Price Index rose 0.2% in February, driven largely by the increased cost of food, gasoline, and rent.
Retail Sales Rose in January, December Revised Downward
Mixed data from the retail sector hit the market on Monday as retail sales for January rose unexpectedly while the already-poor figures for the month prior were revised even lower. January sales rose 0.2% vs 0.1% expected.
January Housing Starts Surged 18.6%, Gold Prices Rise
Housing starts in January shot up 18.6% after showing poor performance in previous months. The surge in housing starts is a strong indicator that the embattled housing market may finally be showing signs of life after reduced prices and mortgage rates increased affordability.
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