Review of March 2024 data, 1Q GDP, PCE and personal income

The monthly summary is not so wonderful, incomparison...

Inside all that pink is some troubling food related issues. Even though energy is somewhat in a narrow band, the food outlook is upward. The CPI-U expectations for the report on April, seemingly indicates a repeat of Mar-2024, outpacing the monthly core, although core is expected to ease a bit. Still above the overall CPI-U.

As for the personal income arena... this is the link... https://www.bea.gov/news/2024/personal-income-and-outlays-march-2024

There seems to be quite a jump in spending, versus Disposable personal income... for 2 consecutive months. Not sure there was much cash on hand, so the disposable is likely in the form of additional debt. 

Of course the above report mentioned a rise in goods. Perhaps it did, but the 1Q GDP did not reflect that. 

As for GDP, it now stands at 1.6% annualized for 1Q2024. The Trade deficit loomed large in the quarter and shows no signs of abating.

The reports for the month, ended up in so-so territory, imho. I am sure it will get spun hard in each direction. 

This Week in Petroleum Summary April 24th, 2024 per EIA.GOV

This week's full report.

Pump prices were flat on the week, although down -0.7¢ from last year. Consumption is down from last year's mark, but slightly up from previous week.

Inventories were mixed in this week's report. Crude, -6.4M barrels; Distillates, +1.6M barrels; Gasoline, -600K barrels.

Refinery output continues to lag, against year ago levels.

For those interested, the exports of Crude, Petroleum Products, Including Gasoline has far outweighed the imports, by this much, since March, 2022.

The current crack spread has eased slightly from last week's $29.55, to $29.44. Gasoline at $19.49 from last week's $19.37. Distillates at $9.95, compared to last week's $10.18.

Gasoline pump prices seem to be trading in a narrow band, with some downward pressure in Diesel pricing.

Nothing dramatic in this week's report, imho.

A Foray into the 2024 Presidential Election, Part XIV

Time for an update, although not a lot has changed.

Since the last election blog, the national poll indicates a slight dip in Biden's numbers of -0.1%. Not really significant.

Much ado was made about a certain big poll, for a leading national publication... with statements of how Biden is narrowing the gap to 0.1%, yet still trailing in a poll that had Biden with a 14 point lead just before the 2020 election. An election that had Biden winning by 4.45 points.

However, the electoral votes are what matters, with Biden 306-232 victory, or 13.8 point margin.

BUT, Biden won Georgia by a mere 11,779 votes; Arizona by a mere 10,457 votes; Wisconsin by a mere 20,682 votes. If those states had flipped to Trump, it would have tied at 269 electoral votes. Nevada's 33,596 vote margin for Biden could have tipped to Trump and gave Trump the 2020 election.

So a total of 76,514 votes determined the 2020 election, out of a total of 158,594,895 votes cast or a very miniscule amount. Less than 0.049%.

Of course, there is still 198 days before the general election and things can change. Since last election blog, there has been some small changes.

Arizona has seen a very slight increase in Trump's lead; Florida has seen erosion in Biden's numbers; Texas has also seen erosion the Biden's numbers. Minnesota, also sees some slippage for Biden.

North Carolina has seen improvement for Biden, with Trump slipping in Michigan. 

None of the above indicate a change in electoral outlook... at this time.

Back in 2016, Trump rose up from relative obscurity to presidency, even though there was tremendous amounts of negative publicity. Here we are in 2024, with Trump receiving even more negative publicity. 

Perception of the public is hard to gauge, but the public does not have a very high opinion of "government" in general, with trust in government about 16% on recent polls I have seen. The media is constantly reporting government efforts to find Trump guilty of some criminal and/or civil malfeasance. Not sure it is working as planned, imho.

Which leads me to believe that all these court proceedings, are not really bad publicity for Trump.

Just saying...

Comparison of Inflation in selected countries- April, 2024 Edition

With the United Kingdom, Canada and EUstats release of March data, I have updated my comparison graph. [Note, the USA(EU method) is directly from Eurostat.]

As always, here is a snapshot of early inflation or transitory, until it turned in to everybody's problem.

To rehash, the U.S. transitory inflation was a product of massive stimulus and a snarled global supply chain. Retailers in a desperate bid to restock, inflated shipping container prices, shipping costs, etc. Which did lead to pressures globally. 

Then came the energy crunch, which really impacted globally... for awhile.

Inflation seems to be steadying across the board. The expectations for a continuing slowing... is up in the air. 

This Week in Petroleum Summary April 17th, 2024 per EIA.GOV

This week's full report.

Pump prices edged up +4.1¢ on the week, although down -1.3¢ from last year. Consumption is down from last year's mark, but slightly up from previous week.

Inventories were mixed in this week's report. Crude, +2.7M barrels; Distillates, -2.8M barrels; Gasoline, -1.2M barrels.

Refinery output is still lagging against year ago levels.

For those interested, the exports of Crude, Petroleum Products, Including Gasoline has far outweighed the imports, by this much, since March, 2022.

The current crack spread has risen slightly from last week's $29.28, to $29.55. Gasoline at $19.37 from last week's $18.79. Distillates at $10.18, compared to last week's $10.49.

The upward pressure on pump prices has moderated, with the current expectation at near current levels, with potential for a drop, not being out of the realm of possibilities.

My electricity bills over time (April, 2024 Edition)

My electricity usage over time. I track many things to monitor my inflation versus the CPI.

On a 12 month rolling average, my costs are down 6.6% from previous year.

It is back to summer of 2022, but I don't really expect anymore slippage. One can hope, however.

4/15/2024, Advance Retail Sales Report for March Data

Advance Monthly Sales for Retail and Food Services, March Report.

Advance estimates of U.S. retail and food services sales for March 2024, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $709.6 billion, up 0.7 percent (±0.5 percent) from the previous month, and up 4.0 percent (±0.5 percent) above March 2023. Total sales for the January 2024 through March 2024 period were up 2.1 percent (±0.5 percent) from the same period a year ago. The January 2024 to February 2024 percent change was revised from up 0.6 percent (±0.5 percent) to up 0.9 percent (±0.2 percent).

Retail trade sales were up 0.8 percent (±0.5 percent) from February 2024, and up 3.6 percent (±0.5 percent) above last year. Nonstore retailers were up 11.3 percent (±1.6 percent) from last year, while food services and drinking places were up 6.5 percent (±2.1 percent) from March 2023.

The previous two months were revised upward. Here is the revision history...

The inflation adjusted retail sales...

Taking a look at retail sales (current dollars), with inflation adjusted (real dollars Feb. 2020).

The orange dots is the inflation adjusted, the line has been consistently just below the 600,000 mark (in millions)

Another comparison would be inflation adjusted as well.

Sales when adjusted for inflation, has remained relatively flat, after the recovery from covid, and vaccine rollout, plus stimulus. The timing for this, coupled with major issues in container transportation... resulted in the transitory phase of inflation.

Quite a good argument can be made the "transitory" inflation was exported, due to ocean going shipping problems. Of course, by mid to late 2021, energy became a predominant factor, followed by the Russian invasion of Ukraine and subsequent energy issues. By that time, inflation became everywhere.

This month's report was pretty darn stellar, given the upward revisions of the previous two months. The standout was electronic shopping and mail order houses, which account for 17.3% of the total, but was a 45.4% of the overall annual gains, with the monthly rise being 64.7% of the total monthly gain.

There are problem areas, however. 

But we can take a good report, without muddying up the picture. At least in my humble opinion.