The Consumer Price Index showed prices were unchanged from June to July, which matched expectations. The core rate was also subdued, rising just 0.1%, again inline with estimates. When compared with the same period last year, prices continue to show a deflationary trend – mainly due to the sharp fall in energy prices – as the headline rate fell 2.1%, but the core rate was up 1.5%.
Industrial production increased 0.5% last month, ahead of the 0.4% rise that economists had predicted. Capacity utilization improved to 68.5%, ahead of the 68.3% forecast.
The preliminary University of Michigan Consumer Sentiment unexpectedly dropped, falling from 66.0 in July to 63.2 in August, versus the Bloomberg forecast, which called for an advance to 69.0.
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The Dow Jones Industrial Average dropped 77 points (0.8%) to close at 9,321, the S&P 500 Index lost 9 points (0.9%) to finish at 1,004, and the Nasdaq Composite declined 24 points (1.2%) to 1,986. Crude oil lost $3.01 to $67.51 per barrel, and gold dropped $6.95 to $948.00 per ounce. For the week, the DJIA retreated 0.5%, the S&P 500 Index slipped 0.6%, and the Nasdaq Composite slumped 0.7%.
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