Led by a 2.4% drop in energy prices, the Consumer Price Index was flat in March and inline with the forecast. The core rate, which strips out food and energy, was up 0.3%, higher than the forecast of 0.1%. Year-over-year, the headline rate fell to -0.7%. Core inflation accelerated slightly to 1.9% from 1.8% last month.
Industrial production fell 0.5% in April, better than the estimated decline of 0.6%, and much better than the revised 1.7% drop in March. Capacity utilization continued to decline from March’s revised 69.4% to a still further record low of 69.1%.
Preliminary University of Michigan consumer sentiment improved more than expected again, rising from 65.1 in April to 67.9 in May. This was above the forecast of an increase to 67.0.
Details from Bloomberg...
The Dow Jones Industrial Average dropped 62 points (0.7%) to close at 8,269, the S&P 500 Index lost 10 points (1.1%) to 883, and the Nasdaq Composite fell 9 points (0.5%) to 1,680. Crude oil decreased $2.28 to $56.34 per barrel, and gold rose $5.70 to $932.20 per ounce. For the week, the DJIA fell 3.6%, the S&P 500 Index lost 5.0%, and the Nasdaq Composite slipped 3.4%.
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