The Consumer Price Index showed prices at the consumer level were up 0.5% month-over-month in March, matching the forecasts of economists. The core rate, which strips out food and energy, was 0.1% higher month-over-month in March, compared to the estimate of a 0.2% increase, which was the rate of increase seen in February. On a year-over-year basis, consumer prices were 2.7% higher in March, up from 2.1% in February, and the core CPI was up 1.2%, after rising by 1.1% in February.
The Empire Manufacturing Index, a measure of manufacturing in the New York region, rose in April to a level of 21.70, compared to the estimates of economists, which expected a decrease to 17.00, from the previous month’s level of 17.50. The index moved further into expansionary territory depicted by a reading above zero.
March industrial production grew at a faster pace than expected, rising 0.8%, after an upwardly revised 0.1% increase seen in February. Capacity utilization, rose from 76.9% in February to 77.4% in March—the highest level since August 2008, but remained 3.0 percentage points below its average from 1972-2010.
The Dow Jones Industrial Average rose 57 points (0.5%) to 12,342, the S&P 500 Index was 5 points (0.4%) higher at 1,320, and the Nasdaq Composite increased 4 points (0.2%) to 2,765. WTI crude oil rose $1.28 to $109.39 per barrel, and the Bloomberg gold spot price increased $12.98 to $1,487.13 per ounce. For the week, including dividends, the DJIA was 0.3% lower, while the S&P 500 Index and the Nasdaq Composite both lost 0.6%.
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