BLS Data Dump. CPI - May 15th, 2024 (part 1)

First up is the BLS Report for CPI...(historical releases)

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in April on a seasonally adjusted basis, after rising 0.4 percent in March, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.4 percent before seasonal adjustment.

The index for shelter rose in April, as did the index for gasoline. Combined, these two indexes contributed over seventy percent of the monthly increase in the index for all items. The energy index rose 1.1 percent over the month. The food index was unchanged in April. The food at home index declined 0.2 percent, while the food away from home index rose 0.3 percent over the month.

Here is the unadjusted CPI for the past 12 months...

My own personal CPI rose 3.1% Y/Y and 0.4% on the month...

Taking a look at the current report card...

Food was mentioned in the report...

Hidden in all those numbers and weightings... food away from home is barely above January, 2021 numbers. That is NOT adjusted for inflation, but in current dollars. I can't help but think the entities making up the food away from home category... are struggling, as the dollars spent does not come close to the inflation rate. 

So the overall inflation does seem to be slowly easing, and next months report "should" indicate a further slowing. 

Let's hope!

PPI MAY 2024 release April 2024 Data

The BLS has released the April, 2024 Producer Price Index Report.  (historical releases)

The Producer Price Index for final demand rose 0.5 percent in April, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices declined 0.1 percent in March and advanced 0.6 percent in February. (See table A.) On an unadjusted basis, the index for final demand moved up 2.2 percent for the 12 months ended in April, the largest increase since rising 2.3 percent for the 12 months ended April 2023.

Nearly three-quarters of the April advance in final demand prices is attributable to a 0.6-percent increase in the index for final demand services. Prices for final demand goods moved up 0.4 percent.

The index for final demand less foods, energy, and trade services moved up 0.4 percent in April after rising 0.2 percent in March. For the 12 months ended in April, prices for final demand less foods, energy, and trade services increased 3.1 percent, the largest advance since climbing 3.4 percent for the 12 months ended April 2023.

PPI Final Demand...

The 2.2% rise on year to year, increased from last month and is the new highest since April, 2023. The rise was tempered by a drop in energy prices, and best of all... food. The latter showing the first decrease in 3 months, after sharp increases. We will wait and see how that is reflected in grocery store prices.

Despite the slight rise year over year, the troubling part is month over month, which reversed last month's pullback. +0.5% v -0.1%.

The where can be found in the detailed report. If the month to month was +0.5%, look for the areas more than that figure, to determine the inflationary pressures.

This Week in Petroleum Summary May 8th, 2024 per EIA.GOV

This week's full report.

Gasoline fell -2.3¢ for the week, but remains +10.3¢ from year ago level. Consumption did edge up this past report.

Inventories were again mixed, with crude down -1.4M barrels; Distillates up +560K; Gasoline up +915K.

Refinery output continues to lag, compared to 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 dropped from last week's $27.71, to $26.46. Gasoline at $16.43 from last week's $17.92. Distillates roset $10.03, compared to last week's $9.79.

It's hard to imagine any upward drift in gasoline pump prices on a national average basis. Consumption will need to pick up for prices to elevate above current levels. Even with reduction in gasoline production, the days supply is a bit high for early May. 

I am not complaining, but the question is why consumption is lower than last year? Some reasons might be good, but some might also be bad. 

A Foray into the 2024 Presidential Election, Part XV

Oh my!! After all the hoopla of the past week, I am not seeing any major shifts. 

Before starting, I have dropped Texas and Florida from the battleground states, most frequently visited in past elections. 

For Texas, in 2020, Trump generally led in the polls with a poll margin of 1.1%, just before the election. He won with a 5.57% margin. He currently leads in the polls with a 10.1% advantage, compared to same time in 2020... of 2.9%.

Florida polls this time in 2020, had Biden with a 2.2% lead, and a 2.5% lead just before the election. Trump won the state with 3.36% as the margin. Trump currently has a 10.3% lead over Biden.

I hope that answers the why.

Looking at the remaining battleground states for current polling and 2020 polling...

This time in 2020, saw Biden leading in all these states... except Georgia. The actual vote margins were much thinner than polls, everywhere except Minnesota and Virginia.

Fast forward to current, and Biden only leads in Minnesota and Virginia, with Minnesota being very tight, when adjusting for polling errors of past years.

So despite the hoopla, not much has really changed, except Pennsylvania has eased back into Trump territory.

Still a long way to go, but a look back to 2020 and/or 2016, does not look favorable for a dramatic shift, imho.

Until next time...

This Week in Petroleum Summary May 1st, 2024 per EIA.GOV

This week's full report.

Gasoline edged up 0.3¢ for the week, but also up 5.3¢ from year ago level. Consumption is below last week and year ago levels.

Inventories were mixed, but only due to distillates down 732K barrels. Crude was up 7.3M barrels, with gasoline up 344K 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 dropped from last week's $29.44, to $27.71. Gasoline at $17.92 from last week's $19.49. Distillates at $9.79, compared to last week's $9.95.

With recent developments over concern for demand... I would expect the pump prices to start falling. 

The big question is why the demand is slipping. I doubt it is due to pump prices, but rather constraints in other areas... limiting cash available at the pump. In any case, it is worth watching, as there are troubling signs.

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.